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TRUSTFUND INCREASES PER CAPITAL SHARES TO N2B, DECLARES AFTER TAX N306M PROFIT

By NBF News
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TRUSTFUND Pensions Plc may have debunked impressions that it would have challenges in surviving the harsh business environment due to the composition of its ownership, when it recorded a N306 millionĀ  profit after taxation in its operations last year.

As an off-shoot of the Nigeria Social Insurance Trust Fund (NSITF), Trustfund Pensions' board draws its membership from both the Nigeria Labour Congress (NLC), Trade Union Congress of Nigeria (TUC), government, represented by an official of the Federal Ministry of Labour and Productivity, as well as, Afribank and Niger Insurance Plc, which have shares in the Pension Fund Administrator (PFA).

At the second yearly general meeting of the PFA in Abuja, the Chairperson of the Fund, Mrs. Ngozi Olejeme said the Fund recorded N306, 692, 795 as profit after tax for the year ended December 31, 2009.

She added also said the fund has also increased its shares capital from N1billion to N2 billion by creating an ordinary share of N1.00 each, which is now at pal with the existing shares of the company.

She added that the achievement of the company is considered a period of excellent progress despite the numerous challenges both internal and externally.

The chairperson traced the achievement to the ability of the management team to reduce costs of doing business in conformity with the verisimilitudes of the market conditions.

Her words: 'The period under review saw the global economic boom and buoyant economic then contract. Until 2007 we witness continued growth in Gross Domestic Product (GDP) and buoyant economic conditions as the oil price increased, peaking at $145 before concerns about global demand saw the price fall to as low as $39.'

But to the Managing Director of the company, Mr. Bernard Ekwe, performance of the Fund must not be measure in terms of figures to the admiration of the shareholders but the quality of services that enhance the satisfaction of the Fund's publics.

Ekwe said: 'As commendable as these achievements are, they can only become more meaningful if we attain a satisfactory level of customer satisfaction. Therefore, for us, our goal is not to have the highest number of members or the highest profitability level. Our vision, in simple terms, is to be the PFA that serves its customers best, and we remain committed to building an institution offering world class services to its members.'

A director in the Fund and General-Secretary of the Nigeria Labour Congress (NLC), John Odah said the satisfactory performance of the management demonstrates the ability of labour unions and other tripartite partners to superintend over organisations that will do well.

He called on the PFA to focus its operations on how to deliver quality service to its customers saying, 'as workers' PFA, the management must strive to ensure that it serves the interests of its customers. By this time next year, we would like to see not only the rapid growth of the organisation but broader smiles on the cheeks of its customers.'