Emmanuel Addeh in Abuja
A risk management expert, Dr Kolade Morakinyo, has emerged the Managing Director and Chief Executive Officer of the Nigeria Police Force Pensions Limited.
Until now, he was the Chief Risk Officer of the company with several years of cognate experience in the financial sector.
He succeeded Dr Hamza Sule Wuro Bokki, the pioneer chief executive whose tour of duty ended on Thursday, February 29 after serving out the statutory two terms of five years each.
This is the first leadership change in NPF Pensions Limited, one of the 22 licensed Pension Fund Administrators (PFAs) in Nigeria.
At the handover ceremony presided over by the chairman of the Board of Directors, Mr Suleiman Abba, the 17th Inspector General of Police, Bokki presented his successor an executive summary of the organisation.
Bokki said the organisation made tremendous strides since it obtained operating licence in 2014.
The former MD said the PFA which faced resistance from other operators, reluctance from clients, limited funding and only received the first transfer of assets in December 2014.
“It has grown from being ranked 22nd in Assets Under Management (AUM) to one of the top five in the industry, with AUM currently standing at N1.3 trillion,” he added.
He stressed: “The company achieved the highest investment income returns for clients in 2022, 2023, and January 2024; paid progressive dividends to shareholders since the second year of operations; was the first PFA to build a custom-made head office, and received a nomination for product innovation at the World Pension Summit. ”
Enjoining all to rally round Morakinyo, Bokki reminded his successor that though NPF Pensions has made significant progress, the company is in a strong position to grow even more.
According to him, this is dependent on: “If the new leadership stays compliant, focusing on customer service, engaging stakeholders, investing in personnel development, and maintaining a harmonious leadership structure.”
Former IG, Mr Suleiman Abba, who was in charge when the NPF Pensions got its operational licence in 2014, said the company had made a giant leap in 10 years and attributed the success to the leadership style of the outgone chief executive.
“We are witnessing a historic occasion here today with a lot of mixed feelings. The organisation is losing someone that everyone recognises as a good man.
“I was the IGP when this company got licence. I didn’t even know back then that we will be where we are today. The pioneer MD is a great visionary leader and achiever, who guided NPF Pensions from its crawling stage to stand strongly on its feet.
“He led the company to compete effectively with its peers and in most instances, came out tops. Today, we are the undisputed leaders in Funds. And one of the reasons for this huge success is his effective communication skill,” he said.
Thanking the former MD on behalf of the board and investors, Mr Abba implored him not to stay too far away from the organisation. “If there is any reason to call you to assist in the future, we will do that and I hope you will oblige us,” he added.
Congratulating Morakinyo, the former IGP assured him of all necessary support that will enable him to excel in his new position.
Speaking on behalf of the management, Mr Nicholas Nneji, Executive Director Investment, thanked Bokki for his immeasurable contributions to the growth of the company.
“Bokki is an institution, a leader per excellence. Nobody passes through him without learning one or two things. He is a man of vision, empathy and very humble. We will all miss him,” he said.
