Access Pensions Records 70% Increase in Revenue

Access Pensions Records 70% Increase in Revenue
Access Pensions Records 70% Increase in Revenue

A remarkable 70 per cent surge in revenue has been announced by Access Pensions, with turnover that has ballooned from N7 billion in 2022 to N12.3 billion in 2023.

This outstanding growth trend that has gone through the ceiling by around 70 per cent is reflected in the company’s profit before tax and after tax. There is an expansion in its Assets under Management (AUM) by 25 per cent to reach a significant N1.20 trillion.

Speaking at the Annual General Meeting (AGM) in Lagos last Thursday, Access Pensions’ Managing Director/Chief Executive Officer, Dave Uduanu, attributed this exceptional performance to a series of growth initiatives implemented by the company.

Stating, “The Company recorded a turnover of N12.3 billion, up from N7 billion in 2022. This represents about a 70 per cent 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.”

He acknowledged the visionary leadership of the late CEO, Dr. Herbert Wigwe in steering the consolidation that birthed Access Pensions. Uduanu pledged the Company’s commitment to continuing on this path of success.

Furthering, he expressed gratitude to Access Bank for their unwavering support and partnering with the company in the holding company. He highlighted the symbiotic relationship between Access Pensions and Access Bank, emphasizing the convenience it offers to pension holders who can access their accounts seamlessly through Access Bank’s extensive branch network.

Speaking on the sidelines also on the company’s growth and market share the Executive Director, Technical, Afolabi Folayan emphasized the Company’s robust performance in the market, boasting a significant increase in Assets Under Management (AUM) to N1.2 trillion, representing a 25 per cent growth over the past year.

Stating, “In recent quarters, we have experienced a positive trajectory and gained significant market share, leading to a substantial increase in our AUM. Our current AUM stands at approximately N1.2 trillion, reflecting a remarkable 25 per cent growth compared to the previous year. Notably, our growth outpaced the market, which saw a growth rate of about 20 per cent.”

Furthering, “Our profits after tax reached about N3.8 billion, marking a remarkable growth of about 70 per cent compared to the previous year. This exceptional performance instills confidence in us and reinforces our commitment to delivering value and growth to our shareholders.”

Obinna Anyanwu, an independent shareholder at the AGM, expressed his satisfaction with the company’s performance. He praised the smooth conduct of the AGM and commended the financial statements for 2023, describing them as encouraging and indicative of promising prospects.

He went on to state, “I am quite excited; it was a great moment for me. We had a smooth AGM with almost all shareholders in agreement, supporting all motions and receiving the financial statements for 2023. Personally, I studied it page by page and word for word. The performance is quite encouraging, showing us what is to come in the future.”