Legacy Pension Shareholders Approve N480m Dividend

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Shareholders of Legacy Pension Managers Limited have approved N480 million as dividend for its 2016 financial year. This translated to 60 kobo per share.

The company further declared a profit after tax (PAT) of N642.5 million for the period under review.

This represented a N20.18 million increase compared to N623.37 million in 2015.

The company’s asset under management (AUM) grew by 16.55percent to N193.62billion from N166.13billion.

Also,  shareholders’ funds rose to N2.66 billion in 2016 compared to N2.51billion.

The company’s registered employers further grew by 20.05 percent to 8,059 from 6,713 employers in the previous year.

The registered contributors increased to 355,753 in 2016 from 327,211 contributors in the previous year.

The company also paid benefits amounting to N31.9 billion to 14,280 accounts as at December 2016.

Speaking in Abuja at the company’s annual general meeting (AGM), Chairman of the company, Alhaji Lamis Shehu Dikko said the company managed to achieve the performance despite the difficult operating environment particularly the currently recession.

He said: “I am happy to report that our PFA recorded appreciable financial success in spite of a daunting operating environment.

“Our dogged efforts were guided by our ageless founding values of integrity trust, excellence and empathy (ITEE) in handwork and discipline enmeshed in sound corporate governance.”

The company’s Managing Director/Chief Executive, Mr.  Misbahu Yola said the contributory pension scheme (CPS) is still faced with the challenge of funding the retirement savings account both in the private and public sector.

He said:”There’s the delay or non- remittance of deducted pension contributions by employers of labour; in most cases, employers do not comply with the 18 percent minimum pension contributions as provided in the Pension Reform Act (PRA) of 2014.