08/07/2013

Trustfund Gave Out N230m to Shareholders

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The board of Trustfund Pensions Plc has announced a dividend pay-out of N230 million for the year 2012 with shareholders receiving 23 kobo per N1 share compared to 15 kobo in 2011.

Nigeria Labour Congres, NLC; Trade Union Congress, TUC; and Nigeria Employers Consultative Association, NECA, who are major shareholders of Trustfund Pensions expressed delight at the news of the boost in dividend.

The board also announced the confirmation of the appointment of the Acting Managing Director, Mrs. Helen
Da-Souza as substantive chief executive.
She is the first woman to head Trustfund Pensions Plc. Chairman of the Board of Directors of Trustfund Pensions Plc, Mrs. Ngozi Olejeme, made the announcement of the dividend boost for shareholders, weekend, at the annual general meeting in Abuja.

She said: “The company remains committed to delivering superior returns to its shareholders by ensuring that a good portion of profit is set aside for you, our valued investors.

“Total operating income was N3.308 billion for the year ended, representing a 52.44% increase over the previous year’s figure of N2.170 billion.
“Profit after tax similarly rose from N534.69 million in 2011 to N788.52 million in 2012.”

“During the same period, total assets of the company grew by 30.8% from N2.892 billion to N3.784 billion, while shareholders’ fund rose by 31.44% from N1.993 billion to N2.620 billion.”

Notwithstanding the successes recorded by Trustfund Pension Plc, Olejeme said the growth rate in the pensions industry “remains slow mainly due to the lack of compliance by employers and the slow pace of implementation of the contributory scheme by state governments.”

NLC President, Mr. Abdulwaheed Omar, said of the progress recorded by the Fund, “we are progressing and I hope that this trend will continue.
“I am expressing my views, both as a director representing NLC and shareholders.
 This is a direct result of peace and harmony in the organisation.”
NECA’s Director-General, Mr. Olusegun Oshinowo, also commended the board and management.

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