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PAL Pensions approves dividend payment, re-elects directors

By Joshua Nse
09 May 2016   |   1:20 am
The shareholders of Pensions Alliance Limited (PAL Pensions) has approved the proposal by the company’s management for the distribution of profits through a dividend of 70 kobo per share held.
The Managing Director of PAL Pensions, Dave Uduanu

The Managing Director of PAL Pensions, Dave Uduanu

The shareholders of Pensions Alliance Limited (PAL Pensions) has approved the proposal by the company’s management for the distribution of profits through a dividend of 70 kobo per share held.

They also approved the re-election of two directors- Mrs. Hamda Ambah and Mrs. Folashade Laoye, while retaining PriceWaterHouseCoopers as the company’s auditors.

These were part of the resolutions at its 10th yearly general meeting, where the company’s yearly Report and Financial Statements for the year ended December 31, 2015, were approved.

According to the reports, as at December 2015, PAL Pensions maintained assets under management of over N197 billion.

Also, despite the difficulties in the macroeconomic environment, the company’s financial performance remained strong in 2015, with operating income growing at 15 per cent to N3.04 billion, while profit after tax rose by 35 per cent to N983 million.

The development also represented a 565 basis points increase in operating margin to 46.6 per cent in 2015.

The company however, said it remained competitive in its investment strategies as it acquired new accounts to boost revenue and also embarked on the use of technology to enhance internal efficiencies in order to reduce operating costs.

“PAL Pensions took some measures to enhance her brand visibility and also invested in some corporate social responsibility (CSR) initiatives.

The company developed its social media outreach during the year in a bid to reach youths fresh out of university by embarking on an online media marketing campaign.

“As a result, the PAL Pension’s online fan-base increased from about 44,000 at the end of 2014 to over 150,000 at the end of 2015. Also, in continuation of the company’s CSR financial literacy campaign, PAL Pensions launched her financial literacy club in some secondary schools across the country to encourage knowledge of financial tools and entrench good habits from an early age,” it noted.

The Chairman, Rilwan-Bello Osagie, reiterated the company’s optimism about the Nigerian pension industry, given its potential for supporting development within the economy.

He emphasized the company’s commitment towards delivering exceptional customer service to both contributors and retirees registered with PAL Pensions from the point of enrollment till retirement regardless of their location.

The Managing Director of PAL Pensions, Dave Uduanu, stated that in over 10 years of the company’s operations as a PFA, it has successfully grown a brand that is consistent with values of integrity, respect, warmth, partnership and openness.

“PAL Pensions is also well positioned to grow within the industry, given its strong brand coverage and strategies for the near to medium term,” he added.