Norrenberger Pensions Limited has released its financial results for the 2024 fiscal year, reporting significant growth in both income and client acquisition despite Nigeria’s challenging economic environment.

The company’s Retirement Savings Account (RSA) client base grew to 164,619, while total income rose by 31% to ₦2.51 billion, signaling strong market resilience.

Operating Amid Economic Headwinds

At the firm’s 13th Annual General Meeting, Board Chairman Ibrahim Aliyu Bala noted that global inflation, tight monetary conditions, and geopolitical uncertainties shaped the year. Locally, Nigeria grappled with fuel subsidy removal and ongoing foreign exchange reforms.

Despite these pressures, Norrenberger Pensions achieved an 18.54% increase in Assets Under Management (AUM), reflecting sustained investor confidence.

Bala added that the recently rebranded Personal Pension Plan (PPP) is expected to fuel future expansion, particularly in boosting pension participation within the informal sector. He expressed gratitude to shareholders, regulators, clients, and staff for their continued commitment to the company’s long-term growth.

Improved Efficiency and Profitability

Managing Director/CEO Bolanle Onotu described 2024 as a demanding year marked by inflation, currency fluctuations, and elevated operating expenses. Despite these challenges, the company delivered strong improvements across key financial indicators.

Through strategic cost-optimisation, operating expenses grew minimally—from ₦1.67 billion to ₦1.77 billion, representing just a 6% increase. This efficiency helped drive a significant rise in profitability, with Profit Before Tax (PBT) surging 209% to ₦741 million, up from ₦240 million in 2023.

Onotu also highlighted the company’s investments in technology and staff development, including the launch of a modern 3CX call centre, upgraded cybersecurity systems, mobile app enhancements, and new internal automation tools.

She praised regulatory reforms introduced by the new PenCom Director-General, appointed in July 2024, noting that the updates have strengthened industry stability and improved operational clarity.

Looking to 2025, Onotu said the firm sees substantial opportunities, especially through the rebranded PPP targeting informal and semi-formal workers. She thanked the board, regulators, and clients, affirming that Norrenberger Pensions is well-positioned to sustain its growth trajectory.

Group Leadership Commends Governance and Teamwork

Also speaking, Tony Edeh, Managing Director/CEO of Norrenberger Financial Group, lauded regulators and auditors for their support and oversight, which he said had strengthened corporate governance and operational standards.

He extended appreciation to staff across the organisation, commending their professionalism and dedication. Edeh reaffirmed the group’s commitment to supporting Norrenberger Pensions’ long-term strategy and its continued mandate to deliver value to clients.