Oak Pensions Limited has grown its pension assets by 24.27 per cent to N48.5 billion from N39 billion where it stood in 2015, its Chairman, Awa Ibraheem has said.
Ibraheem, who spoke during the company’s Annual General Meeting, AGM, in Lagos, said N2.78 billion was paid out as benefits to 1,800 Retirement Saving Account (RSA) holders, 254 death benefit, 70 programmed withdrawal, 912 enbloc payment, 471 annuity transferred, 85 and voluntary contribution, under the scheme in 2015.
He said the company recorded a profit before tax of N154 million, which represents an increase of 72.54 per cent from N89,282,377 recorded by December 31, 2014.
Gross earnings grew by 21.94 per cent to N783 million when compared to N642 million in the same period under review. He said shareholders’ funds stood at N1.22 billion, a rise of 11.94 per cent compared to N1 billion recorded as at December 31, 2014.
“Total expenses rose by 13.37 per cent to N629 million from N552 million recorded in the previous year. The rise was partly due to staffing of the Head Office as well as provisions for state offices,” he said.
“The fixed assets as at end of the year stood at N567 million while statutory cash reserve stood at N36.1 million, a rise of 82.24 per cent when compared to N19.8 million for the previous year ending.’’
He added: “During the period under review, Oak Pensions forged a path despite the challenging operating environment. We plan to strengthen our operational efficiency by exposing the employees to appropriate training and hiring new hands, where vacancies exist as well as deploying more advanced ICT equipment and software.
The chairman said the company expects these plans to ultimately lead to the maximisation of returns on investment and creation of significant value for all stakeholders in the year.
