By Ayomide Otitoju
Access ARM Pensions has posted a 187 per cent increase in profit after tax for the 2024 financial year, rising to ₦10.9 billion, as its Assets Under Management (AUM) climbed to ₦3.5 trillion. The impressive performance comes despite prevailing macroeconomic headwinds.
The pension fund administrator also recorded a 129 per cent increase in revenue to ₦28.2 billion, up from ₦12.3 billion in 2023. Profit before tax rose by 164 per cent to ₦15.2 billion.
The company attributed the strong financial showing to the successful execution of a structured post-merger integration plan following the October 2024 consolidation of Access Pensions and ARM Pensions, coupled with enhanced investment capabilities and a broader service reach.
Speaking at the company’s Annual General Meeting, Managing Director/Chief Executive Officer Dave Uduanu said the results underscore the operational synergies and efficiencies derived from the merger.
“Our 2024 performance was the result of disciplined execution of a post-merger integration plan, deepening our investment capabilities, and leveraging technology to deliver better service at scale,” Uduanu stated. “The merger created significant efficiencies that translated into better financial outcomes.”
He noted that only three months of the combined entity’s operations were reflected in the 2024 results, adding that the 2025 financials are expected to show the full benefits of integration. “We expect significant growth this year, and the numbers for 2025 will reflect a full year of synergies and improved performance,” he said.
Uduanu also revealed that the company made major investments in digital infrastructure and opened new service centres across the country. “We enhanced our digital capabilities, retained all talent from both legacy firms, and remain committed to developing our people,” he added.
Chairman of Access ARM Pensions, Gbenga Oyebode, described 2024 as a “defining year,” highlighting the board’s strategic focus on building a resilient and forward-looking institution.
“As a board, our priority was to ensure the merger delivered not just scale, but a unified culture, strengthened governance, and long-term value creation,” Oyebode said. “Today, Access ARM Pensions stands as one of Nigeria’s top pension fund administrators, backed by a robust governance framework.”
A shareholder, Mr. Aliyu Yar’Adua, echoed the optimism about the company’s future, noting that the outlook for the next financial year is highly promising given that 2024 results captured only a quarter of the post-merger operations.
Access ARM Pensions has positioned itself as a leading player in Nigeria’s pension industry, with plans to continue expanding its market share and delivering sustained value to contributors and retirees.
