By ROSEMARY ONUOHA
Managing Director and CEO of Aiico Pension Managers Limited, APML, Mr. Eguarekhide Longe, has said that his company is recapitalised enough to remain in the pensions business for a long time to come.
Longe who disclosed this during a media parley at the company’s head office in Lagos last week said that at present the company is adequately capitalised to beat the recapitalisation deadline giving to Pension Fund Operators.
It will be recalled the National Pension Commission, PenCom mandated Pension Fund Administrators, PFAs, to beef up their capital base to the tune of N1 billion before the end June.
Longe said “There is no way we can be participant in this industry if we are not adequately capitalised. We are here for the long haul.”
According to him, for PFAs to remain in the sector they should have a minimum shareholders fund unimpaired by losses of N1 billion and that position would be checked after every year end “such that if you have gone below one billion naira in your balance sheet, you have ninety days to correct that.”
Aiico Pension Managers Limited (APML) was incorporated in February 2005 and in April 2006 as a Pension Fund Administrator (PFA) by Pen COM under the pension reform act 2004.
The company commenced business in May 2006 with a vision to be the efficient, customer centric PFA and a mission to provide superior investment performance and quality customer relationship, ensuring customers retire in comfort with peace of mind.
With corporate values of integrity, professionalism, discipline, prudence, excellence as well as innovation, APLM product and service offering includes opening and managing retirement savings accounts; additional voluntary contributions; managing existing pension; as well as design and management of gratuity schemes.
Others are design and management of endowment schemes as well as management of retiree scheme/fund.
According to Longe, APLM is a well focused fund administrator (PFA), managed by seasoned and well tested executives with vast experience in pension administration, risk management, banking, capital market and asset management.
The company was formed to provide first class pension administration services by a consortium five reputable companies which are AIICO, OASIS AND UNIC which have a long history of efficient operations in pension administration while WEMASEC and MAGNARTIS have competence and expertise in investment, fund management and stock broking activities.
He said that Aiico Pension Managers Limited was incorporated with authorised share capital of N400million divided into N 400million ordinary shares of N1each. The company’s authorized share capital was increased in April 2007 to N800million by the creation of additional N400million ordinary shares ranking parri passu in all respects with the existing shares of the company. The authorised share capital of N800million is issued and fully paid as at may 2007.