Access ARM Pensions has announced an impressive financial performance for the 2024 fiscal year, with profit after tax soaring by 187% to N10.9 billion, compared to N3.8 billion in 2023.
The company also recorded a 164% jump in pre-tax profit, reaching N15.2 billion, while revenue more than doubled to N28.2 billion from N12.3 billion the previous year.
In addition, Assets Under Management (AUM) rose significantly to N3.5 trillion, further strengthening the firm’s position in Nigeria’s pension industry.
The company attributed the remarkable results to the successful execution of a strategic post-merger integration plan following the consolidation of Access Pensions and ARM Pensions.
Speaking at the company’s Annual General Meeting (AGM) held in Lagos over the weekend, Managing Director/CEO Dave Uduanu highlighted disciplined integration, enhanced investment capabilities, and expanded service delivery as key drivers of the 2024 performance.
“Our performance in 2024 reflects disciplined implementation of a robust post-merger integration strategy. By deepening our investment capabilities and leveraging technology to enhance service delivery at scale, we achieved revenue of N28.2 billion and post-tax profit of N10.9 billion. These numbers are a testament to operational synergies and efficiency gains,” Uduanu said.
He noted that the merger, formalised in October 2024, was carefully planned with support from a world-class consulting firm, resulting in a seamless integration of both institutions. “Both management and the board executed this plan flawlessly, and the results speak volumes,” he added.
Uduanu also revealed the company’s significant investments in digital infrastructure and expansion of its service network. “One of our key merger commitments was inclusivity. We retained all staff from both legacy entities and invested heavily in technology and customer service expansion to ensure no client is left behind.”
Looking ahead, Uduanu expressed optimism about 2025, stating that the year would reflect the full benefits of a complete year of post-merger operations. “The 2024 numbers only include about three months of consolidated operations. With a full-year contribution from the merged entity in 2025, we expect even stronger performance,” he said.
Chairman of Access ARM Pensions, Gbenga Oyebode, underscored the strategic focus of the merger, emphasizing value creation, governance, and cultural alignment. “2024 was a defining year. Our aim was not just to increase scale, but to build a stronger, more resilient institution rooted in sound governance, a unified culture, and a clear vision for the future,” Oyebode noted.
“We harmonised risk frameworks, strengthened oversight, and reinforced our commitment to our fiduciary responsibilities. Today, Access ARM Pensions is not just larger—it’s better positioned to lead.”
Shareholders expressed strong confidence in the company’s direction and growth potential. Aliyu Yar’Adua, a shareholder, said: “Seeing such strong results from just three months of combined operations gives us every reason to believe that 2025 will be even better.”
