FCMB Pension targets N1.2trillion in assets by December 2025, emphasising Personal Pension Plan growth and industry inclusion

FCMB Pension, a subsidiary of FCMB Group Plc, has set a target to achieve N1.2trillion in assets under management (AUM) by the end of December 2025.

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The company currently manages over N1.1trillion in AUM and has disbursed more than N200 billion to retirees and other beneficiaries, highlighting its resilience and impact in Nigeria.

Managing Director Christopher Bajowa disclosed the growth ambitions at the 20th anniversary celebration of FCMB Pension in Abuja, noting that the company aims to become a major player in the industry with a strong focus on the Personal Pension Plan (PPP) as the next frontier for pension expansion.

Bajowa explained, “The major challenge has been that of inclusion, as efforts to grow the number of contributors have been difficult. Regulators are focused on PPP because of its great potential to expand inclusion. A second challenge is naira instability. How do you encourage customers to save when the value of their savings is diminishing? The Federal Government is also working to boost the naira’s value and create opportunities to access foreign currencies to hedge against devaluation.”

Reflecting on the company’s growth, Pioneer Managing Director Bello Maccido chronicled FCMB Pension’s evolution since the enactment of the Pension Reform Act, 2004.

He recalled that within three years of operation, the company broke even, and within five years, posted two consecutive years of profitability.

By the time he left Legacy Pension, now FCMB Pensions, the company had signed 187,000 Retirement Savings Accounts (RSAs) with an asset base of N72 billion, serving clients including Division 1 of the Nigerian Army, the Central Bank of Nigeria, Nipost, and individual RSA holders nationwide.

“Today, 20 years on, I am very proud of the accomplishments under the leadership of Christopher Bajowa, who has taken the company to over N1trillion in assets under management. This is a feat worthy of recognition. We celebrate 20 years of competent management and successes,” Maccido said.

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The anniversary event underscored FCMB Pension’s commitment to industry growth, inclusion, and sustainable value creation for contributors and retirees across Nigeria.