Access ARM Pensions Reports 187% Profit Surge, Revenue Hits N28.2bn in FY2024

Access ARM Pensions has reported a 187% surge in profit after tax, reaching N10.9 billion, alongside a rise in its Assets Under Management to N3.5 trillion.

This development was shared during the company’s Annual General Meeting held in Lagos on Friday.

For the reporting year, revenue climbed to N28.2 billion—more than double the N12.3 billion recorded in 2023. Pre-tax profits jumped 164% to N15.2 billion, while post-tax earnings soared to N10.9 billion.

Despite economic challenges, the firm credits its outstanding results to a disciplined execution of its post-merger integration strategy, enhanced investment strength, and a broader operational reach.

Speaking at the AGM, Managing Director and CEO Dave Uduanu said, “Our strong 2024 performance stems from staying focused on our integration roadmap, sharpening our investment approach, and harnessing technology to scale service delivery. Revenue rose from N12.3 billion to N28.2 billion, and PAT reached N10.9 billion—clear signs of synergy and improved efficiency.”

Uduanu also noted that the merger between Access Pensions and ARM Pensions, announced in October 2024, unlocked substantial operational efficiencies that directly impacted financial performance.

“We planned carefully for this merger, engaging a world-class consulting firm and preparing a comprehensive post-merger integration plan. Both the management team and the board have executed this plan flawlessly, and the results speak for themselves,” he said.

He said, “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.

“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.”

One of the shareholders, Mr Aliyu Yar’Adua, remarked that with only three months of post-merger operations reflected in the 2024 results, the outlook for the next financial year is even more encouraging.

“This shows a great promise for a better performance this year,” Yar’Adua said.