OAK Pensions records 77% growth in profitability
By Rosemary Onuoha
OAK Pensions Limited, one of the licensed Pension Fund Administrators in the country, said its profitability rose by 77 per cent to N230.88 million in the operating year ended December 2016 from N130.57 million.
Chairman, OAK Pensions, Dr Awa Ibraheem, disclosed this in the annual report of the company presented to stakeholders at 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, adding “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,” he stated.
According to him OAK Pensions was increasing its accessibility in all parts of the country, adding that in its efforts to take pensions to more Nigerians, the company, has established offices in the six geopolitical regions of the country.
Ibraheem stated: “ We have office in Uyo. We have offices covering South-West in Ibadan, Osogbo. We have in the South-South, we have in Asaba, and we have in Port-Harcourt. In North-Central, we have in Abuja, we have all over the place.”
He also disclosed that the company, will explore the potentials in the micro-pension scheme when it is officially introduced by the National Pension Commission.
“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 added.