Norrenberger Pensions Limited, on Wednesday reported that the company recorded strong operational performance despite Nigeria’s challenging macroeconomic environment.
Ibrahim Bala, the company’s Chairman, while unveiling the year 2024 performance at the 13th Annual General Meeting, noted that the global economy in 2024 was characterised by inflationary pressures, tight monetary conditions and geopolitical tensions.
The impact of fuel subsidy removal, also led to Nigeria adjusting it’s policies to the fuel subsidy removal and exchange rate reforms that began in 2023.
“However, despite the tough operating environment, the Company sustained growth by closing the year with 18.54%
“The company also grew its Retirement Savings Account (RSA) client base to 164,619 and posting a 31 per cent increase in total income, which rose to ₦2.51 billion in the 2024 financial year. This reinforces the Company’s continued industry resilience and expanding market footprints”.
Looking ahead, he said Norrenberger Pensions would leverage its recently rebranded Personal Pension Plan (PPP) to expand coverage in the informal sector, while sustaining growth through innovation, operational efficiency and disciplined risk management.
He reiterated the Company’s commitment to building a more inclusive pension ecosystem.
The chairman also commended the shareholders, regulators and clients for their support and praised the Company’s staff for their “passion and resilience’’ noting that their collective effort continues to strengthen the company’s long-term growth.
Bolanle Onotu, Managing Director/CEO, in his remarks, stated that the 2024 financial year tested resilience, stressing that despite inflationary pressures, currency volatility and rising operating costs, the Company delivered measurable growth anchored on strong governance structure and detailed strategy implementation.
Onotu, revealed that “total operating expenses grew at a slower pace of 6 per cent, rising from ₦1.67 billion to ₦1.77 billion, following deliberate cost-optimization measures. This supported a significant rise in profitability, with Profit Before Tax (PBT) increasing by 209 per cent to ₦741 million, up from ₦240 million recorded in 2023.”
She also noted that even amid macroeconomic headwinds, the company increased its investment in technology and capacity-building to enhance customer service delivery and improve staff welfare.
According to her, “These included the deployment of a modern 3CX call center, upgrades in cybersecurity systems, enhancements to the company’s mobile app, and internal automation projects aimed at enhancing client experience, improved reporting and regulatory compliance.”
She also applauded the regulatory reforms initiated by the new Director General of PenCom, who assumed office in July 2024 and noted that the reforms are strengthening industry stability and operational clarity.
Onotu said 2025 presents new opportunities, especially with the rebranded PPP targeted at expanding pension adoption in the informal and semi-formal sectors. She appreciated the Board, management, regulators, and clients for their support, adding that Norrenberger Pensions is well-positioned to sustain growth and contribute meaningfully to Nigeria’s evolving pension ecosystem.
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Tony Edeh, the Norrenberger Financial Group Managing Director/CEO, in his remarks, expressed appreciation to the organisation’s regulators and auditors, noting that their consistent collaboration and oversight have been critical to the company’s continued progress.
He acknowledged them as ”supportive partners whose guidance has strengthened our governance structure and enabled us to improve the quality of our operations.”
Edeh further commended his colleagues across the organisation, recognising their dedication and professionalism.
He noted that the collective commitment of the team continues to drive the Norrenberger Pensions’ growth trajectory and reinforces its ability to deliver on its mandate to its clients.
He reaffirmed the Group’s continued support for the subsidiary’s long-term strategic direction.