FUG Pensions Targets N500bn Assets under Management

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Ebere Nwoji

Future Unity Glanvills Pensions Limited (FUG Pensions), said it is targeting N500billion pension Assets under Management (AuM) in its medium term strategic plans.
The firm’s current assets under management have grown from zero position in 2007 to over N57billion in 2017.

This was disclosed by the Managing Director and Chief Executive Officer of the company, Mr. Usman Suleiman during the firm’s 10th anniversary celebration held at its Head Office in Lagos recently.

Suleiman said the management of the company considers the goal achievable given its initial sterling performance powered by hard work, resilience and perseverance,
According to him, the company has put in place both short, medium and long term strategic plans that would see it grow its portfolio in Assets under Management to N120billion by 2019 and N500billion within the next seven years of its medium term operation.

To drive its expansion programme, Suleiman added that the firm’s management has commenced discussion with some pension funds administrators with a view to acquiring one to actualise the expansion plans.

He said the last 10 years of the firm’s operation, was challenging given the fact that the company came into the market as one of the late entrants.
He however, said with resilience, zeal, perseverance and hard work on the part of members of staff, in addition to the confidence and support of the board and shareholders, FUG Pensions has risen to the occasion as one of the notable pension funds administrators (PFAs) in the marketplace.

“Ten years of resilience, yes it has really been a tough journey but we give glory to God for seeing us through it. It has been a lot of sacrifice, patience, hard work and perseverance but of course, the end result of those attributes, is success and that is what we are seeing today. We started from nothing to what we are today, over N57billion in asset under management”.

Asked what to expect in the next 10 years of the company’s existence, Suleiman said: “FUG Pensions, in the next 10years is going to be a PFA that cannot be overlooked by pensioners, the industry and in the larger economy and the company, is moving into three stages over the next 10years.

“The first stage being our short term strategic plan of 2017 to 2019, of which we are moving from the present N57billion to over N120billion Asset under Management. And we are looking at a situation that by the time we get to two-third of that period, that is next seven years, we should be able to hit half-a- trillion naira pension assets under management”, Mr. Suleiman said.

Speaking earlier, the Chairman, Board of Directors of the company, Mr. Farouk Lawal Yola, noted that the 10years anniversary day was remarkable in the history of the company. According to him, the journey was challenging for FUG Pensions, adding that out of 27 PFAs licensed by the National Pension Commission (PenCom), within the period of review, 6 have either merged or been acquired and that even among those still operating, just few have survived in their original form.
He noted that though FUG Pensions was one of the late entrants into the industry, it has been able to weather the storm, now having to its credit, in excess of N57billion Asset under Management with over 120,000 Retirement Savings Accounts holders (RSA).