Ndubuisi Francis in Abuja
Leading pension fund administrator (PFA), Trustfund Pensions Limited has adopted a cost reduction strategy designed to boost revenue to consolidate on the company’s corporate governance goal.
In line with this strategy, it posted a drop in its cost-to-income ratio from 83 per cent in December 2015 to 78 per cent as at December 31, 2016.
The company Chairman, Mr. Ismaila Mohammed Agaka, who made the disclosure at its 9th annual general meeting (AGM) in Abuja, stated that despite the rough economic dynamics, the company performed well.
He described Trustfund’s operating results for 2016 as encouraging when juxtaposed with the 2015 figures, noting that the company posted N4.971 billion revenues, N3.892 billion expenses and a profit after tax of N1.249 billion.
Addressing the shareholders, he said: “These results are encouraging when compared with total revenues of N4.662 billion, expenses of N3.850 billion and profit after tax of N1.018 billion for the year ended 31st December 2015.”
Based on the performance, a 25 kobo per share dividend was approved for shareholders whose names are contained in the company’s register of members as at close of business on December 31, 2016.
On the future of the company, Agaka said: “Distinguished shareholders, our company has over the years grown consistently evidenced by the healthy key financial indicators. We intend to sustain the momentum with a forward-looking board, sound management and resilient workforce.”
In an interview with THISDAY on the sidelines of the AGM, Agbaka expressed confidence in the company’s future, adding with a stringent corporate governance structure, an entrenched resolve on cutting the ratio of cost in favour of income, the future was looking very bright for Tertfund.
Also, in an interview, the President of the Nigeria Labour Congress (NLC), Comrade Ayuba Wabba said the labour centre was pleased with the performance of Tertfund.
He assured that the NLC would continue to encourage workers to repose their confidence in Tertfund.
The NLC is one of the shareholders of Tertfund with more than 5 per cent of the issued capital of the company.