FCMB Pensions Eyes N1.2tn Assets By Year-End

Amid persistent domestic and global economic uncertainties, FCMB Pensions, a subsidiary of FCMB Group Plc, is targeting N1.2tn in assets under management (AUM) by the end of December 2025.

The disclosure was made on the sidelines of the company’s 20th Anniversary Dinner and Awards held on Tuesday in Abuja.

Currently, FCMB Pensions manages over N1.1tn in AUM, having disbursed more than N200bn to retirees and other beneficiaries—a demonstration of the firm’s resilience and sustained impact on Nigeria’s pension landscape.

Speaking to journalists at the event, Managing Director Christopher Bajowa said the company is positioning itself as a leading player in the pension industry, with a particular focus on the Personal Pension Plan (PPP) as the next frontier for growth.

“The major challenge we face is financial inclusion,” Bajowa noted. “Expanding the number of contributors has been a challenge, and the regulator is focused on the PPP because of its enormous potential to increase inclusion.”

He also highlighted currency instability as a pressing issue. “How do you encourage customers to save when the value of their savings is diminishing? There’s significant work being done in this area, and even the Federal Government is exploring measures to strengthen the naira and create opportunities for access to foreign currencies to hedge against continued devaluation,” he said.

Reflecting on the company’s journey, Pioneer Managing Director Bello Maccido recounted that FCMB Pensions began as a modest institution primarily owned by retail investors seeking to leverage the Pension Reform Act, 2004.

“At inception, 13 Pension Fund Administrators (PFAs) were licensed under the new defined contributory scheme. Within three years, we broke even, and by the fifth year, we achieved two consecutive years of profitability,” Maccido said.

By the time he left, FCMB Pensions had signed 187,000 Retirement Savings Accounts (RSAs) and grown its asset base to N72bn, serving clients such as the Division One of the Nigerian Army, CBN, NIPOST, and thousands of individual RSA holders nationwide.

“Standing here 20 years later, I am proud of the accomplishments under Christopher Bajowa’s leadership, taking the company to the one trillion naira milestone in AUM. This is a feat that deserves recognition. Today, we celebrate 20 years of competent management and enduring success,” Maccido added.

Former Board Member Maheer Rasheed, who joined Legacy Pension shortly after its establishment, echoed these sentiments. “When I left, the company managed about N148bn. To now reach N1tn and potentially N1.2tn by year-end is remarkable. This growth reflects the foundational governance, infrastructure, and trust we built in the system. FCMB Pensions is thriving and remains a model in Nigeria’s pension industry.”

James Ilori, Non-Executive Director representing Board Chairman Ladi Balogun, also lauded the company’s achievements.

“We are delighted with FCMB Pensions’ journey over the past 20 years. The growth has been significant, and we are confident the company will continue to excel in the next five to ten years,” he said.