Legacy Pension Managers grows shareholders fund to N1.76bn

Legacy Pension Managers announces a 37 percent growth in its shareholders fund from N1.285 billion to N1.765 billion in the 2013 financial year. The company also recorded net profit before tax of N730.29 million, showing a 40 percent rise from N522.34 million in the preceding year


Profit after tax stood at N454.14 million, growing 31 percent from N346.47 million in 2012.

The chairman of the board, Mahey Rafindadi Rasheed, who read out the company’s performance at the sixth annual general meeting held in Abuja, also disclosed that the company’s assets under management grew 23 percent to N140.024 billion from N114.228 billion figure of 2012.

He explained that the clientele base of the company had also grown to 243,339, representing a 9 percent increase of 20,795 from the previous year’s record of 222,544.

According to him, the number of beneficiaries of the various forms of pay-outs also increased in the course of the year. This, he attributed to carefully crafted management strategy based on prudence, innovation and exceptional service delivery of the company.

Speaking further at the meeting, Rasheed announced a dividend pay-out of N113.55 million, which translates to N0.14k per share to their shareholders, representing a 59 percent increase over the previous year’s dividend of 0.09k.

The KPMG professional services, in its independent audit report of the company’s financial position, noted that in total, the company’s equity and liabilities stood at N2,323,740,000 as of December 2013, indicating a rise from the 2012 fiscal year put at N1,742,283,000

Also speaking at the event, Misbau Yola, managing director of the company, informed shareholders of some new innovations that would hopefully help the company’s performance in coming years.

“We have deployed software to more than a dozen to our locations country wide, in order to allow for remote generation of personal identification numbers to our enrollees. We’ve also deployed a 24 hour interactive voice recorder that provides necessary information to our numerous clients from the comfort of their phones wherever they maybe.