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Sunday, October 2, 2022

Stanbic, Trustfund Lead as Nigeria Pensions Shareholder’s Funds Hit N211.27bn Post Recapitalisation

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Nigeria Pension industry shareholder’s funds has surged after a successful push by the regulator PENCOM for operators to increase their balance sheet size.

Stanbic IBTC Pensions Limited (shareholders funds of N75.83 billion), Trustfund Pensions Limited (shareholders funds of N14.51 billion) and GTB Pensions Managers Limited (shareholders funds of N11.31 billion), are the top three in the industry (see table below).

The shareholders’ fund of the 20 pension fund administrators (PFAs) stood at N211.27 billion ($503 million) as at 27 April 2022, following the expiration of the 12-months timeline for Pension Fund Administrators (PFAs) to increase their minimum share capital from N1 billion to N5 billion, latest data from PENCOM seen by MoneyCentral shows.

Shareholders’ funds refer to the amount of equity in a company, which belongs to the shareholders. Shareholder Funds are represented by the aggregate of the issued and paid-up share capital and reserves attributable to the equity holders of the Group.

The table below shows the status of the recapitalisation exercise.

PFA Shareholders Fund 1

It is also important to note that the recapitalisation exercise resulted in some mergers and acquisition in the pension industry.

Mergers in the Pensions Industry

  • Guaranty Trust Holding Company Plc (GTCO) acquired 100% stake in Investment One Pension Managers Limited, culminating in the change of name of the PFA to Guaranty Trust Pension Managers Limited.
  • FCMB Pensions Limited acquired 36.3% shareholding of AIICO Pension Managers in addition to its initial 60% equity stake.
  • MBO Capital Management Limited acquired 80% shareholding of Radix Pension Fund Managers Limited.
  • Norreenberger Advisory Partners Limited acquired 81% shareholding in International Energy Insurance (IEI) Plc, to become a significant shareholder in IEI-Anchor Pension Managers Limited.
  • Tangerine Pensions Limited and APT Pension Managers Limited merged into a new entity – Tangerine APT Pensions Limited.
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