OAK Pension’s profit rises by 65%
OAK Pensions Limited’s profit rose by 65.8 per cent from N230.88m in 2016 to N382.8m in the 2017 financial period.
The Chairman of the company, Dr Awa Ibraheem, disclosed this during the company’s 12th annual general meeting in Lagos.
While expressing OAK Pension’s commitment to serving its contributors and retirees, he also said that the company would continue to give them better returns on their investment.
Ibraheem said, “Our duty is to manage the funds on behalf of the retirees and ensure that the funds grow so that when they retire, they benefit more than what they contributed. Our retirees are happy with us with the rate of return on investment.”
That chairman explained that it was a different thing for the rates on return to be very high, and another thing for the risk to be minimised.
He said that OAK Pensions tries to balance the returns with the risk, by making sure that the interest of its retirees was well protected, and balancing the high returns with low risk.
To get closer to its stakeholders, he said that the company had extended its call centres so that its interaction with retirees would be more efficient and effective.
“We have also gone far by improving on our ICT, we have completely computerised now, and on the feedback we are getting from retirees, it is much easier for them to be served than in the past,” Ibraheem said.
The chairman also noted that OAK was motivating its staff, and that the company had been able to retain the best hands who were also doing well to cater for the contributors.
He said that OAK was preparing to welcome the informal sector into the company when the micro pension scheme eventually commences.
While observing that most of the contributors to the Contributory Pension Scheme were from the government and private sector, he said that the informal sector was actually the driver of the economy.
“What we are doing now is to expand our informal sector department to provide them with more facilities,” he added.
Ibraheem said the company was committed to protecting the financial future of Nigerian workers and would continue to enlighten the informal sector on the need to key into the CPS.