Trustfund Pensions Limited presented a strong performance scorecard for 2025 at its 17th Annual General Meeting held in Abuja, with the managing director announcing ambitious growth targets for 2026. The company closed the year with Assets Under Management (AUM) of approximately ₦1.54 trillion and aims to reach ₦2 trillion on a standalone basis by December 2026.
The meeting brought together shareholders and board members to review the company's 2025 operating year and approve its audited accounts.
Double-digit growth across all key performance lines
Managing Director and Chief Executive Officer Uche Ihechere told shareholders that the pension fund administrator recorded double-digit expansion in every major performance indicator. Retirement Savings Account (RSA) registrations increased by more than 63% year-on-year, while AUM rose 25%. Total fund investment income climbed about 48%, total revenue grew 25%, and profit after tax surged over 68%, according to Vanguard.
"Along the value chain of the business, we recorded tremendous upswing in terms of the fundamentals of the business. Our shareholders are happy, and management is also happy because we have been able to continue to deliver on our mandate," Ihechere said during the meeting.
From NSITF inheritance to ₦240 billion portfolio
Ihechere traced the company's growth since its establishment under the Pension Reform Act. Trustfund Pensions inherited roughly ₦54.5 billion in pension assets from the Nigerian Social Insurance Trust Fund (NSITF). That portfolio has since expanded to nearly ₦240 billion, even after distributing more than ₦23.09 billion to pensioners over the years.
The firm now administers over 836,630 RSAs. Ihechere noted that this positions Trustfund close to the third position in the industry by contributor numbers, while it currently ranks within the top seven PFAs by AUM.
Ambition to become third-largest PFA in Nigeria
The CEO outlined a strategy combining organic growth with a planned business combination with a partner entity. The goal is to hit ₦2 trillion in AUM by the end of 2026 on a standalone basis. If the proposed transaction materialises, the enlarged combined entity would target approximately ₦4.2 trillion in assets by the same deadline, as reported by Nation.
"Our strategy is to hit AUM of ₦2 trillion at the end of 2026 on stand-alone basis," Ihechere stated.
Governance, compliance, and capital strength
Board Chairman Shola Olofin, who also chairs the NSITF Management Board, said the AGM enabled shareholders to adopt audited financial statements prepared by KPMG and reappoint certain board members. He highlighted digital transformation and regulatory compliance as priorities, noting that examination reports from the National Pension Commission (PenCom) had been positive.
"Compliance is key. We have been ensuring adequate compliance with the regulatory agency, PenCom, and the reports of examination speak wonderfully well," Olofin said.
Non-Executive Director and Chapel Hill Denham CEO Bolaji Balogun pointed out that Trustfund Pensions was among the first PFAs in Nigeria to meet the new minimum regulatory capital requirements, following a capital raise completed late last year. He said the company's focus remains on improving investment returns and service quality for contributors.
"The reason we exist as a business is to do better for our contributors and customers. That is about improving the quality of returns on their pensions and improving the quality of service we provide," Balogun explained.
PenCom begins review of Pension Reform Act after 12 years
In related developments, the National Pension Commission (PenCom) has initiated a formal review of the Pension Reform Act 2014, aimed at aligning the legislation with current realities and addressing gaps identified during implementation. PenCom Director-General and Chairman of the Pension Industry Leadership Council, Omolola Oloworaran, announced the move at a press conference following the council's third quarterly meeting at Fraser Suites, Abuja.
The development comes after 12 years of the Act's existence, signalling a potential overhaul of Nigeria's pension regulatory framework. Trustfund Pensions' latest results demonstrate the sector's resilience and the growing importance of pension assets in the country's financial landscape.
