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VG Pensions Chairman Hails Historic ₦1 Billion Profit Milestone
Alhaji Farouk Lawal Yola, Chairman of the Board of Directors
Veritas Glanvills Pensions Limited (VG Pensions), a licensed Pension Fund Administrator in Nigeria, has crossed a major milestone in its financial performance. The Company surpassed ₦1 billion in profit before tax (PBT) for the first time since its inception. The milestone was disclosed at the Company’s 19th Annual General Meeting (AGM), held on Thursday, 29 October 2026 in Lagos, Nigeria.
At the meeting, shareholders received the Company’s Annual Report and Audited Financial Statements for the financial year ended 31 December 2025, which reflected strong financial growth, improved profitability and a strengthened financial position.
The Company’s profit before tax increased by 34.75%, from ₦760.39 million in 2024 to ₦1.02 billion in 2025, while profit after tax (PAT) rose by 34.9% to ₦695.20 million. Gross revenue also grew by 23.95%, from ₦2.89 billion in 2024 to ₦3.58 billion in 2025, reflecting growth in assets under management, improved investment performance and sustained business development initiatives.
Commenting on the performance, Alhaji Farouk Lawal Yola, Chairman of the Board of Directors, described the achievement as a significant milestone in the Company’s growth trajectory.
“The 2025 financial year marked a defining moment in the growth of Veritas Glanvills Pensions Limited. Surpassing the ₦1 billion profit before tax milestone for the first time reflects the resilience of our business model, the disciplined execution of our strategic priorities and the collective commitment of our Board, Management and staff. This achievement reinforces our confidence in the Company’s long-term growth prospects and our commitment to sound corporate governance, prudent financial management and sustainable value creation for our shareholders and other stakeholders,” he said.
The audited financial statements also recorded growth across other key financial indicators. Fees and commission income, the Company’s primary revenue driver increased by 27.99% to ₦2.75 billion, while shareholders’ funds grew by 4.54%, from ₦6.50 billion in 2024 to ₦6.79 billion in 2025.
These results underscore the Company’s focus on operational efficiency, prudent financial management and strategic execution in a dynamic business environment. The strengthened financial position also provides a foundation for continued investment in technology, human capital, customer experience and business expansion.
Speaking on the Company’s outlook, Godson Ukpevo, OON, Managing Director/Chief Executive Officer, reaffirmed Management’s commitment to sustaining growth, improving service delivery and responding effectively to the evolving needs of customers and the Nigerian pension industry.
He explained that the Company’s strategic priorities include deepening customer engagement through more personalised service, accelerating digital transformation, expanding market presence through business development and strategic partnerships, strengthening enterprise risk management and stronger information security, all aimed at improving organisational effectiveness and reinforcing the Company’s competitive position.
According to the Managing Director/CEO, these initiatives will support the Company’s long-term growth ambitions, improve customer convenience and strengthen its capacity to deliver value to contributors and retirees.
VG Pensions also acknowledged the important role of the National Pension Commission (PenCom) in strengthening the Nigerian pension industry through effective regulation, policy reforms and initiatives aimed at expanding pension coverage, promoting confidence in the pension system and improving service delivery.
As the Company builds on its 2025 financial performance, it remains focused on sustainable business growth, stronger customer relationships, operational excellence and the delivery of exceptional pension administration services that support contributors in securing their financial futures.
