Access ARM Pensions has declared a robust performance for the 2024 financial year, with revenue reaching N28.2 billion; more than double the N12.3 billion posted in 2023.
Also, pre-tax profit grew by 164 per cent to N15.2 billion, while post-tax profit surged by 187 per cent to N10.9 billion.
The company’s Assets Under Management (AUM) also rose significantly, hitting N3.5 trillion.
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.
Speaking at the Annual General Meeting in Lagos over the weekend, Managing Director and Chief Executive Officer of Access ARM Pensions, Dave Uduanu, 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 N28.2 billion from N12.3 billion in 2023, and PAT rose to N10.9 billion, 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. “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 disclosed 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 centers 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 organizations and remain committed to developing and supporting our people.”
He added that the outlook for 2025 is even more promising. “As of now, our assets under management stand at N3.5 trillion, placing us among the top players in the industry. We expect significant growth this year, and the numbers you would 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 3 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.”
Chairman of Access ARM Pensions, Gbenga Oyebode, emphasised the strategic importance of the merger and the board’s focus on long-term value creation.
He 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,” Oyebode stated.
“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 added.
Shareholders have expressed confidence in the company’s trajectory. Mr. Aliyu Yar’Adua, a shareholder, remarked that with only three months of post-merger operations reflected in the 2024 results, the outlook for the next financial year is even more encouraging. “This shows a great promise for a better performance this year,” Yar’Adua said.