19 January 2013

Nigeria: Stanbic IBTC Pension Exceeds One Million Customer Target

Stanbic IBTC Pension Managers, a subsidiary of Stanbic IBTC Holdings PLC, recently celebrated its achievement of one million retirement savings accounts, maintaining its position as the leading pension fund administrator in Nigeria.

At a forum to celebrate this achievement, the company described the industry-first milestone, accomplished in less than a decade of record-breaking growth in the country, as a testament to its reputation as a trusted and accessible safe haven for investment and as an institution that delivers exceptional service to its clients.

Chief Executive Officer of Stanbic IBTC Pension Managers, Dr. Demola Sogunle, said that the milestone demonstrates its leadership position in the industry, being the first pension fund administrator to reach and surpass the one million customer mark. "One million customers in less than a decade is an important achievement and reflects well on the solidity of Stanbic IBTC Pension Managers as Nigeria's leading pension fund administrator.

We are very optimistic about the future and the assurance that we give our present and our future clients is that we will continue to manage their funds in a very responsible manner," he said.

With the achievement of the milestone in June 2012, Sogunle added, Stanbic IBTC Pension Managers now has over one million retirement savings account holders and assets under management of more than N865 billion, paying about N1.5 billion to over 23,000 retirees monthly.

"Over N112 billion has been paid regularly to retirees since we commenced operations in 2005. Our aim is to continue to set ever higher standards of service delivery and ensure that our retirement savings account holders derive maximum value from their investment," he explained.

On her part, Chief Executive Officer of Stanbic IBTC Holdings Plc, Mrs. Sola David-Borha, credited the organization's success to its understanding of local needs, driven by a vast pool of sound and experienced personnel, coupled with its membership of Standard Bank Group, Africa's biggest banking conglomerate.

According to David-Borha, Stanbic IBTC Pension Managers leverages on Standard Bank's over 150 years of experience and pedigree in offering its clients excellent services. This foundation, coupled with the organization's strong customer understanding, drives its ability to succeed through the right use of insights on its clients' needs.

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