Amid domestic and global economic uncertainties, FCMB Pensions, a subsidiary of FCMB Group Plc, is targeting a N1.2 trillion growth in Assets Under Management (AUM) by the end of December 2025. This ambitious goal reflects the company’s resilience in navigating financial challenges and its commitment to becoming a major player in Nigeria’s pension industry.
FCMB Pensions Resilience Amid Economic Challenges
During the 20th Anniversary Dinner/Awards Presentation held on Tuesday in Abuja, Christopher Bajowa, the Managing Director of FCMB Pensions, shared the company’s plan to grow its assets despite the global and local economic challenges. Currently, FCMB Pensions manages over N1.1 trillion in AUM and has paid over N200 billion to retirees and other beneficiaries. Bajowa emphasised that these achievements are evidence of the company’s strong performance and impact in Nigeria’s pension industry.
“We aim to reach N1.2 trillion in assets by the end of 2025, despite the economic uncertainties,” Bajowa said, adding that the Personal Pension Plan (PPP) will be a key focus for future growth. He noted that pension inclusion remains a significant challenge, but efforts to grow the number of contributors are underway.
Addressing Naira Instability and Economic Uncertainty
One of the primary challenges faced by the company is the unstable naira. Bajowa explained, “How do you encourage customers to save when the value of their savings is diminishing?”
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He further highlighted the federal government’s efforts to boost the value of the naira and create opportunities for pension providers to access foreign currencies to hedge against devaluation. These initiatives, he said, are crucial for sustaining growth in Nigeria’s pension industry.
Pioneers Celebrate 20 Years of Success
Reflecting on the company’s journey, Bello Maccido, the Pioneer Managing Director of FCMB Pensions, recalled the company’s humble beginnings.
FCMB Pensions started as a small institution owned by retail individuals who sought to take advantage of the Pension Reform Act of 2004. By the time Maccido left the company, FCMB Pensions had grown to manage N72 billion in assets and had signed up over 187,000 Retirement Savings Accounts (RSAs).
Maccido expressed pride in FCMB Pensions’ remarkable growth, stating, “We have witnessed significant milestones. Under Christopher Bajowa’s leadership, FCMB Pensions has achieved over N1 trillion in assets, a feat that deserves recognition.”
The Role of Board Members in FCMB Pensions’ Growth
Maheer Rasheed, a former Board Member of FCMB Pensions, also shared his thoughts on the company’s achievements. Rasheed, who joined the board shortly after FCMB Pensions’ establishment, acknowledged the sacrifices and challenges faced by the company.
He commended Bajowa for taking the company from N148 billion in assets to the current N1 trillion and beyond. “The growth of the company is a result of conscious efforts by management and the board,” Rasheed said.
He highlighted that FCMB Pensions’ success is built on strong governance, infrastructure, and trust in the pension system. Rasheed concluded, “We can’t stop now; the growth must continue, and we are proud to see the company thriving.”
Future Prospects for FCMB Pensions
Looking ahead, James Ilori, a Non-Executive Director representing the Board Chairman of FCMB Pensions, Mr Ladi Balogun, expressed optimism about the company’s future.
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Ilori highlighted that FCMB Pensions’ growth trajectory is expected to continue, with the company projected to make significant strides over the next 5 to 10 years. “We are excited about the future and the major progress FCMB Pensions will make in the coming years,” he said.
Conclusion: A Bright Future for FCMB Pensions
FCMB Pensions has come a long way since its inception, with a history marked by growth, resilience, and strategic leadership. As the company sets its sights on reaching N1.2 trillion in assets by the end of 2025, its focus on Personal Pension Plans, addressing economic challenges, and building trust within the pension industry positions it for continued success in Nigeria’s dynamic financial landscape
Sunday Michael Ogwu is a Nigerian journalist and editor of Pinnacle Daily. He is known for his work in business and economic reporting. He has held editorial roles in prominent Nigerian media outlets, where he has focused on economic policy, financial markets, and developmental issues affecting Nigeria and Africa more broadly.
