Access ARM Pensions Records ₦28.2 Billion Revenue in 2024, Eyes Stronger Growth in 2025
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Access ARM Pensions Records ₦28.2 Billion Revenue in 2024, Eyes Stronger Growth in 2025
Access ARM Pensions has announced an impressive financial performance for the 2024 fiscal year, posting a revenue of ₦28.2 billion, more than double the ₦12.3 billion recorded in 2023.
The company’s pre-tax profit climbed by 164% to reach ₦15.2 billion, while post-tax profit surged by 187% to ₦10.9 billion. Additionally, Assets Under Management (AUM) increased to ₦3.5 trillion, positioning the firm as a dominant player in Nigeria’s pension industry.
The strong performance was credited to the successful execution of a structured post-merger integration strategy following the merger between Access Pensions and ARM Pensions, as well as robust investment initiatives and enhanced digital infrastructure.
Speaking during the company’s Annual General Meeting in Lagos over the weekend, Managing Director and CEO Dave Uduanu said:
“Our 2024 performance was the result of a disciplined execution of a post-merger integration plan, deepening our investment capabilities, and leveraging technology to deliver better service at scale as revenue grew to N28.2 billion from N12.3 billion in 2023, and PAT rose to N10.9 billion, a testament to operational synergies and improved efficiency.”
Uduanu emphasized that the merger was carefully planned with the help of a world-class consulting firm and carried out with precision, yielding the outstanding results seen in the 2024 financials.
“We planned for this merger, engaging a world-class consulting firm, and preparing a comprehensive post-merger integration plan. Both management and the board have executed this plan, and the results speak for themselves,” he said.
He also highlighted investments in technology and service delivery:
“We enhanced our digital capabilities and opened service centres to better serve our clients… We retained talents from both organisations and are committed to developing and supporting our people.”
Looking ahead, Uduanu expressed optimism for 2025:
“Our assets under management stand at N3.5 trillion… We expect significant growth this year, and the numbers in 2025 will reflect the full benefits of a complete year of post-integration performance…the merger was consolidated in October, so the 2024 financials reflect three months of the combined entity’s operations. We are confident 2025 results will reflect a full year of synergies and will show better performance.”
Chairman of Access ARM Pensions, Gbenga Oyebode, echoed similar sentiments, noting the strategic importance of the merger:
“Indeed, 2024 was a defining year for us. As a Board, our foremost priority was ensuring that the merger created a stronger, more resilient institution not just on paper, but in culture, governance and long-term value creation,” Oyebode stated.
“We were deliberate in aligning both entities under a unified vision, harmonising risk frameworks and strengthening board and management oversight structures. The merger wasn’t just about scale; it was about sharpening our competitive edge while staying true to our fiduciary duty to contributors and retirees. We are proud that today, Access ARM Pensions is a top player in the pension fund industry in Nigeria with a robust governance platform ready for the future,” he added.
Shareholders expressed their confidence in the company’s growth path. Aliyu Yar’Adua, a shareholder, commented that with only a few months of post-merger activities reflected in the 2024 results, the outlook for 2025 is even brighter:
“This shows a great promise for a better performance this year,” Yar’Adua said.
