OAK Pensions records 76.8% growth in profit

Pension Fund Administrator, OAK Pensions, said its profit after tax rose by 76.8 per cent from N130.57million in the 2015 financial period to N230.88million in 2016.

The Chairman, OAK Pensions, Dr Awa Ibraheem, disclosed the report during the company’s 11th Annual General Meeting held in Lagos.

He said the company was committed to generating increased returns on the Retirement Savings Accounts of its contributors, saying: “We made profit this year and we are satisfied with the returns we are generating for our RSA holders, which I believe is a product of the service we are rendering. What is important to us is effectiveness in the totality of the services to our stakeholders.”

The Chairman also said OAK Pensions is increasing its accessibility in all parts of the country. While speaking on the efforts to take pensions to more Nigerians, he said the company already has offices in the six geopolitical regions.

According to him, an individual only need to call the company’s Call Centre and be attended to, “In Lagos, we operate two offices; we have office in Uyo; we have offices covering South-West in Ibadan, Osogbo. We have in the South-South, we have in Asaba; we have in Port-Harcourt. In North-Central, we have in Abuja; we have all over the place.”

Ibraheem also disclosed that the company will explore the potential in the micro-pension scheme when it is officially introduced by the National Pension Commission.

He said: “We are more than prepared because we have started doing our background work; we are just waiting for the Federal Government to launch the scheme. What we do now is that we have a department that is devoted to micro-pension activities.”

He said the company is interested in helping the informal sector to protect their financial future by providing benefits for them through the Contributory Pension Scheme.