Sigma Pensions Pays out N40bn to Retirees

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Sigma Pensions Limited, a Pension Fund Administrator (PFA), said it has paid out over N40 billion to pensioners and other entitled beneficiaries since it was established.
The Managing Director/Chief Executive Officer, Sigma Pensions, Alhaji Umar Hamidu Modibbo, said this at a forum organised by the firm in Lagos
Modibbo disclosed that the sum, which was paid out from July 2007 to date was benefited by about 7,000 retirees in the country. This, according to him, was in form of normal retirement benefits, temporary loss of jobs and death benefits.
“We have branches in all the states of the federation and so far have been appointed by 15 states namely Rivers, Akwa Ibom, Kaduna Niger, Jigawa Ogun, Ekiti, Osun, Taraba, Kogi, Oyo, Imo, Sokoto, Abia and Zamfara to manage and administer the retirement benefits of their employees.
“We also manage the defined benefit schemes of the Central bank of Nigeria (CBN); Nigerian National Petroleum Commission(NNPC); Nigerian Export Import Bank (NEXIM); Securities and Exchange Commission (SEC); Federal Airports Authority of Nigeria (FAAN) just to mention a few.”
He also added that the company had 530, 000 registered members across all sectors of the economy, and pension assets of over N240 billion as at October 2013.
Representatives of the National Pension Commission, (PenCom), commended the company’s effort in the sector by ensuring convenience in disbursing payments.
Under the new scheme, measurements had been taken to ensure that retirees are well taken care of.
Sigma Pensions Limited was incorporated in August 2004, with the sole objective of undertaking the business of PFA in Nigeria according to the Pension Reform Act (PRA 2004
The company was granted full licence to operate as a PFA on the December 7, 2005 and has since then been providing  superior customer services via  its core values -professionalism, skills and courtesy).
Under its pension advisory services, the company provides regular information on investment strategy, investment channels, investment returns and performance indicators through its frontline officers and website. This is in addition to advisory services on post-work life investment.
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