Nigeria-based Pension Fund Administrator, Pensions Alliance Limited (PAL), has declared a N462m profit After Tax (PAT) for the financial year ended 2012.
According to PAL chairman, Rilwan Belo-Osagie, “The profit before tax was N462m and profit after tax was N327.8m for the 2012 period. This is an increase from previous year’s performance when profit before tax was N338m and profit after tax was N242.5m.”
He stated that the company is doing well and he is happy with the level of profitability and returns.
Speaking on the Contributory Pension Scheme, Belo-Osagie said the growing pension fund will continue to be a major source of long-term funding in the country.
“Some of the money can be directed to the needs of the country like investment in infrastructure development; so, it is not just about having the pension fund but using it to improve the economy,” he said.
The Managing Director, PAL, who is also the President of the Pension Fund Operators of Nigeria, said, “In the past, we acquired two PFAs; we are in the process of completing the acquisition of the other one; so, we are interested in consolidation, and consolidation can come in a way of merger of like minds, or organisations coming together.
“We have done more than we ever did before, we are repositioning the CPS through the amendment of the Pension Reform Act and a few other things we have started to implement in a piecemeal manner.”
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