ARM Pensions records a 187 per cent surge in profit after tax to N10.9bn as its Assets Under Management also climbs to N3.5tn.
This was disclosed on Friday, in Lagos, at Access ARM Pensions Annual General Meeting held on Friday in Lagos.
In the year under review, Access ARM Pensions posted revenue of N28.2bn, more than double the N12.3bn recorded in 2023. Pre-tax profit rose by 164 per cent to N15.2bn, while post-tax profit surged by 187 per cent to N10.9bn. Despite macroeconomic headwinds, the company attributed its impressive performance to the disciplined execution of a well-structured post-merger integration plan, stronger investment capabilities, and an expanding service footprint.
David Uduanu, the AGM, the Managing Director/Chief Executive Officer of Access ARM Pensions, speaking at the annual general meeting, said, “Our 2024 performance was the result of a disciplined execution of a post-merger integration plan, deepening our investment capabilities, and leveraging technology to deliver better service at scale as revenue grew to N28.2bn from N12.3bn in 2023, and PAT rose to N10.9bn, a testament to operational synergies and improved efficiency.”
According to Uduanu, the merger between Access Pensions and ARM Pensions created significant efficiencies that have translated into improved financial outcomes. The merger was announced in October 2024.
“We planned carefully for this merger, engaging a world-class consulting firm and preparing a comprehensive post-merger integration plan. Both the management team and the board have executed this plan flawlessly, and the results speak for themselves,” he said.
Uduanu also made it clear that Access ARM Pensions made substantial investments in digital infrastructure and expanded its customer service footprint. “We significantly enhanced our digital capabilities and opened new service centres to better serve our clients, being that one of our key commitments during the merger was that no one would be left behind. We retained all the talent from both organisations and remain committed to developing and supporting our people.”
In addition, Uduanu stated that the outlook for 2025 is even more promising: “As of now, our assets under management stand at ₦3.5 tn, placing us among the top players in the industry. We expect significant growth this year, and the numbers you will see in 2025 will reflect the full benefits of a complete year of post-integration performance. Please note that the merger was consolidated in October, so the 2024 financials reflect only about three months of the combined entity’s operations. We are confident that the 2025 results will reflect a full year of synergies and will show significantly better performance.”
Gbenga Oyebode, Chairman of Access ARM Pensions, emphasised the strategic importance of the merger and the board’s focus on long-term value creation.
Oyebode said, “Indeed, 2024 was a defining year for us. As a board, our foremost priority was ensuring that the merger created a stronger, more resilient institution not just on paper, but in culture, governance, and long-term value creation.
“We were deliberate in aligning both entities under a unified vision, harmonising risk frameworks, and strengthening board and management oversight structures. The merger wasn’t just about scale; it was about sharpening our competitive edge while staying true to our fiduciary duty to contributors and retirees. We are proud that today, Access ARM Pensions is a top player in the pension fund industry in Nigeria with a robust governance platform ready for the future,” he concluded.
