Access Pensions’ revenue rises 70%  to hit  N12.3bn milestone 

Cynthia Ezekwe

Access Pensions Limited has disclosed remarkable financial results for 2023, including a 70 percent surge in revenue. The company’s revenue climbed from N7 billion in 2022 to N12.3 billion in 2023, indicating a substantial growth trajectory in the pension sector.

The pension fund administrator’s 2023 financials was buoyed by a 25 percent growth in its Assets under Management (AuM), amounting to N1.20 trillion.

Furthermore, Access Pensions demonstrated a strong commitment to shareholder value, as evidenced by its dividend payout doubling from N1.10k per share in 2022 to N2.20k per share in 2023.

Speaking at the annual general meeting (AGM) held recently in Lagos,  Dave Uduanu, managing director and chief executive officer, Access Pensions, attributed  the  significant  performance  to a series of growth initiatives implemented by the company.

“The company recorded a turnover of N12.3 billion, up from N7 billion in 2022. This represents about a 70 percent increase, and the profit before tax and profit after tax increased by about 70 percent as well. But more importantly, the dividend doubled from N1.10k in 2022 to N2.20k, showcasing the company’s strong performance,’’ Uduanu said.

The CEO expressed gratitude to Access Bank, the company’s partner in the holding company, for their unwavering support. He acknowledged the symbiotic relationship between Access Pensions and Access Bank, and the assistance it offers to pension holders to access their accounts seamlessly through Access Bank’s extensive branch network.

Speaking on the company’s growth and market share, Afolabi Folayan,  the executive director, technical, expressed delight over the the company’s robust performance in the market, boasting a significant increase in Assets under Management (AuM) to N1.2 trillion, representing a 25 percent growth over the past year.

“In recent quarters, we have experienced a positive trajectory and gained significant market share, leading to a substantial increase in our Assets under Management (AuM). Our current AuM stands at approximately N1.2 trillion, reflecting a remarkable 25 percent growth compared to the previous year. Notably, our growth outpaced the market, which saw a growth rate of about 20 percent,’’ he stated.

Folayan also noted that the company’s profit after tax reached about N3.8 billion, marking a remarkable growth of about 70 percent compared to the previous year. This exceptional performance, he said, instils confidence and reinforces the company’s commitment to delivering value and growth to its shareholders.

The executive director affirmed that Access Pensions remains dedicated to delivering value to its shareholders, clients, and stakeholders, and looks forward to continued growth and success in the future.