VG Pensions Records 17.6% Earnings Growth, Declares Dividend at 18th AGM

Veritas Glanvills Pensions Limited (VG Pensions), one of Nigeria’s licensed Pension Fund Administrators (PFAs), has once again demonstrated resilience and operational excellence, recording a 17.6% growth in gross earnings for the financial year ended December 31, 2024.

The performance, announced at the Company’s 18th Annual General Meeting (AGM) held on October 16, 2025, in Lagos, underscores VG Pensions’ consistent growth trajectory and prudent financial management amid challenging macroeconomic conditions.

The Company’s gross earnings rose from ₦2.43 billion in 2023 to ₦2.85 billion in 2024, while profit before tax stood at ₦724.01 million, representing a modest increase over the previous year’s result. In recognition of this performance, the Board approved a final dividend of 8 kobo per share, reinforcing its commitment to creating enduring value for its shareholders.

Speaking at the AGM, the Chairman of the Board, Mr. Farouk Lawal Yola, commended the Company’s resilience, agility, and customer-focused strategy, all of which have helped to distinguish VG Pensions within the pension industry. He noted that “VG Pensions maintained its strong focus on service excellence, stakeholder engagement, and market expansion despite macroeconomic headwinds. We remain optimistic that as ongoing economic reforms take hold, our Company will continue to deliver sustainable value to all stakeholders.”  The Chairman also acknowledged the unwavering support of the shareholders, regulators, customers, and employees, noting that their commitment has been instrumental to the Company’s continued success.

The Managing Director/CEO, Mr. Godson Ukpevo, OON, in his remarks, emphasized that the Company’s performance reflects strategic discipline and operational efficiency amid a challenging economic environment. He noted that, despite inflationary and cost pressures, VG Pensions sustained steady growth driven by efficiency and strong customer engagement. He added that VG Pensions is well positioned to sustain its growth trajectory and continue delivering lasting value to all stakeholders.

Mr. Ukpevo also highlighted the robust performance of the Nigerian pension industry, which recorded a 23% growth to ₦22.51 trillion in assets under management as of December 2024, underscoring Nigerians’ continued confidence in the Contributory Pension Scheme (CPS).