Access ARM Pensions has announced robust full-year results for 2024, more than doubling its revenue to ₦28.2 billion, up from ₦12.3 billion in 2023. The company also recorded a 164% jump in profit before tax to ₦15.2 billion and a 187% surge in profit after tax to ₦10.9 billion. Its assets under management (AUM) now stand at an impressive ₦3.5 trillion, cementing its position as one of the top players in Nigeria’s pension fund industry.
The company’s stellar performance, achieved amid Nigeria’s persistent macroeconomic challenges, was attributed to the successful execution of a post-merger integration plan, improved investment capabilities, and a strategic focus on digital infrastructure and customer experience.
Speaking during the Annual General Meeting (AGM) held in Lagos over the weekend, Managing Director and Chief Executive Officer, Dave Uduanu, said the company’s performance was a result of a deliberate and disciplined approach following the merger between Access Pensions and ARM Pensions in late 2023.
“Our 2024 performance is a testament to operational synergies, stronger service delivery, and improved efficiency,” Uduanu said. “The merger enabled us to deepen our investment capabilities, deliver value at scale, and stay committed to our clients and employees. Revenue more than doubled, and our PAT reached ₦10.9 billion, underscoring the benefits of scale and strategic alignment.”
He explained that while the merger was officially consolidated in October 2023, only about three months of the joint entity’s operations were reflected in the 2024 financials. “We expect the 2025 results to show the full-year impact of post-integration synergies, and the numbers will be even stronger,” he noted.
Highlighting the importance of technology, Uduanu said the company had made substantial investments in digital tools, service platforms, and physical infrastructure. “We enhanced our digital capabilities and opened new service centres nationwide to ensure no customer is left behind. Importantly, we retained all talent from both organisations, reinforcing our people-first commitment,” he added.
On the long-term strategy, Chairman of Access ARM Pensions, Gbenga Oyebode, stressed the significance of the merger beyond just scale. He noted that the integration had led to a stronger institutional framework anchored on governance, culture, and sustainable growth.
“2024 was a defining year for us. The board’s priority was to create a resilient and future-ready institution. We harmonised risk management frameworks, aligned the governance structures, and built a united culture that supports long-term value creation,” Oyebode said.
He added that Access ARM Pensions has evolved into a top-tier pension administrator with a strong focus on fiduciary responsibility and contributor-centric services.
Shareholders at the AGM expressed confidence in the company’s strategic direction. One of the shareholders, Aliyu Yar’Adua, commended the management for turning around the business within a short period. “With just three months of combined operations reflected in the books, this result is incredible. It gives us great optimism for the coming year,” he said.
Access ARM Pensions’ successful transition from merger to operational excellence is being hailed as a model for consolidation within Nigeria’s financial services space. The company’s growing asset base and profitability are seen as indicators of broader industry confidence in pension administration reform and financial sector consolidation.
With the pension industry projected to play a bigger role in Nigeria’s infrastructure financing and economic diversification, Access ARM Pensions is well-positioned to drive growth through innovation, strategic investments, and responsible fund management.
The company’s continued emphasis on digitalisation, service accessibility, and talent development is expected to be a catalyst for growth as more Nigerians become financially literate and subscribe to long-term savings and retirement planning products.
As 2025 unfolds, market watchers, contributors, and stakeholders will be looking at Access ARM Pensions as a bellwether for how strategic mergers and focused execution can reshape the landscape of Nigeria’s pension and financial services industry.
