Norrenberger Pensions grows client base to 164,619, revenue hits ₦2.5b

Norrenberger Pensions Limited has announced its financial performance for the 2024 financial year.

It has expanded its Retirement Savings Account (RSA) client base to 164,619 and recorded a 31 per cent rise in total income, which reached ₦2.51 billion.

The company stated that the results underscore its resilience and sustained market growth, despite Nigeria’s challenging macroeconomic conditions.

Speaking at the company’s 13th Annual General Meeting, Chairman of the Board Ibrahim Aliyu Bala said that 2024 was shaped by global inflationary pressures, tight monetary conditions, and geopolitical uncertainties, while Nigeria continued to adjust to the removal of fuel subsidies and ongoing foreign exchange reforms.

Despite this tough operating environment, he said Norrenberger Pensions closed the year with an 18.54 per cent increase in Assets Under Management (AUM).

Bala added that the company’s rebranded Personal Pension Plan (PPP) would be a major growth driver going forward, particularly in expanding pension penetration in the informal sector.

He expressed appreciation to shareholders, regulators, clients, and staff, stating that their collective commitment continues to reinforce the firm’s long-term growth trajectory.

Managing Director/CEO of Norrenberger Pensions, Mrs. Bolanle Onotu, described the 2024 financial year as one that tested the company’s resilience, citing inflationary pressures, currency volatility, and rising operating costs.

Nonetheless, she said the company delivered measurable improvements in key indicators.

Operating expenses grew by only 6 per cent—from ₦1.67 billion to ₦1.77 billion—due to deliberate cost-optimisation measures.

This efficiency supported a sharp rise in profitability, with Profit Before Tax (PBT) surging by 209 per cent to ₦741 million, from ₦240 million recorded in 2023.

Mrs. Onotu highlighted increased investments in technology and staff capacity-building, including the deployment of a modern 3CX call centre, upgraded cybersecurity systems, enhancements to the mobile app, and internal automation projects.

She commended the regulatory reforms introduced by the new PenCom Director-General, who assumed office in July 2024, describing the reforms as crucial to industry stability and operational clarity.

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Looking ahead, she said 2025 offers new opportunities, particularly through the rebranded PPP aimed at expanding pension adoption in the informal and semi-formal sectors.

She thanked the Board, management, regulators, and clients, noting that the company is well-positioned to sustain growth and contribute to Nigeria’s evolving pension landscape.

In his remarks, the Managing Director/CEO of Norrenberger Financial Group, Tony Edeh, expressed appreciation to the company’s regulators and auditors for what he described as invaluable collaboration and oversight.

He said their guidance has strengthened governance structures and improved operational quality.

Edeh also commended staff across the organisation, praising their dedication and professionalism.

He reaffirmed the group’s continued support for Norrenberger Pensions’ long-term strategic direction, adding that the collective efforts of the team continue to drive the company’s growth and its ability to deliver on its mandate to clients.