Th e profi t of Trustfund Pensions Limited before tax grew to N1.457 in 2016 as opposed to N1.3billion in 2015. Chairman of Trustfund, Ismail Agaka, while speaking during the Annual General Meeting (AGM) of the Pension Fund Administrator (PFA) in Abuja, disclosed that the profi t grew from N1.36billion recorded in 2015. According to him, total operating income of the company also grew to N4.97 in 2016 as against N4.66 in 2015, adding that the company also declared 25Kobo for every one Naira for its shareholders. “Despite the rough economic dynamics, I am pleased to announce that our company performed well.
Total revenues for the year ended 31st December 2016 were N4.971billion; expenses were N3.892billion while profi t after tax for the year was N1.249billion. Th ese results are encouraging when compared with total revenues of N4.662billion, expenses of N3.850 and profi t after tax of N1.018billion for the year ended 31st December 2015. Cost to income ratio also dropped from 83% to (December 2015) to 78% as at December 2016.” Mr Agaka said the feats were achieved despite the harsh operating environment that is fraught with economic recession, which resulted in mass sack of workers and nonremittance of pension funds. “Th e year 2016 was a challenging year as Nigeria offi cially went into recession which aff ected all levels of government. Th e recession also
aff ected the private sector with many companies closing or downsizing their activities.” Despite this, he said 2016 was a year of healthy growth in adjusted earnings, as “notwithstanding the challenging macro-economic environment, we made good progress in achieving our short and medium strategic objectives.” Agaka also expressed optimism that the Board intends to sustain the current momentum of generating healthy key fi nancial indicators with forward-looking board, sound management and resilient workforce.
Th e managing director and chief executive of Trustfund Pensions, Mrs Helen Da-Souza, said though the operating environment was harsh, innovation and deployment of cutting-edge technology played a key role in the achievements of the fi rm. “It is really tough to achieve anything substantial in this sector without innovation and adopting cutting-edge technology that is driven by crop of professionals that we have in Trustfund Pensions. “Th e board has also given us the necessary support to achieve all that we have achieved. Our hope is that the economy will keep improving for employers to be in a position to remit pension funds, which has remained a challenge.
” At the AGM, it was announced that Olabode Johnson replaced Peter Esele as representative of Trade Union Congress (TUC), Nigeria Social Insurance Trust Fund (NSITF) now has Agaka and Isaac Yalah representing it on the board. Both of them replaced Mrs Ngozi Olejeme and Aderemi Adegboyega respectively. Erstwhile President, Nigeria Labour Congress (NLC), Omar Abdulwaheed, who also represented the NSITF resigned his position, while the Nigeria Employers Consultative Association (NECA), replaced its nominee, Akinwumi Oladeji with Olubiyi Otegbeye
