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NIGERIA: Premium Pension Reviews Strategy for Better Service Delivery

Premium Pension Limited, one of the Pension Fund Administrators (PFAs) in the country has reviewed its business strategies with a view to consolidating on the gains of the past and to move the company forward.
 
The Chairman of the company, Mallam Aliyu Dikko stated this in a statement shortly after a meeting of members of board and management of the company in Abuja saying the new strategies were meant to align the company’s operations with its anticipated growth in the industry in the next five years.
 
“We set out on this journey on July 7, 2005 to establish and nurture a company with a vision to be the leading PFA in Nigeria and a global player.  Our mission is to achieve superior customer satisfaction in active and retirement life through best practices defined and driven by our core values of care, integrity, transparency, ethics and professionalism,” he said.
 
According to him, a comparison between current developments with regard to the operations of the company and the development plan it put in place in 2008 exposed “a mixed bag of areas where the benchmark were not attained and areas where targets were exceeded.”
 
“This strategy defining exercise has the principal objective of leading us to our set vision and mission through defining ways of developing a strong investment management policy with state of the arts investment management tools that will produce superior returns for our clients,” Dikko said.
 
The chairman underscored the need to consolidate on the company’s zero tolerance for non-compliance and further sharpen its risk management policy and best practices in internal control processes and procedures. 
 
Meanwhile, the Managing Director of the company, Mr. Wilson Ideva said Premium Pension occupies “an enviable position in the industry and has the potential to become unassailable with the right strategies.”
 
According to him, notwithstanding the fact that competition in the industry was becoming stiffer and the environment throwing up new challenges, the company was still able to maintain its leadership position in the industry.
 
He said that the company’s actual performance grew from N52.30 billion in 2008 to N325.70 billion in 2013.
 
Ideva also noted that the actual assets under management by the firm towered above the 2008 projections in four out of the five years while performance over budget ranged from a low of N276 million to a high of N19.70 billion.

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