NPF Pensions Ltd Records N75.7bn profit

Pension (Photo Credit: NAN)

The Nigerian Police Force Pensions Ltd generated over N75.7 billion in profit for the financial year 2017; the company’s funds grew from N274.1billion to N349.8 billion, as at 31 Dec.2017, representing 27.62 per cent growth.

While speaking at the NPF Pensions Ltd 4th Annual General Meeting, the Chairman of the NPF Pensions Ltd, retired Inspector-General of Police, Suleiman Abba said that the benefits payment process commenced in May 2017, due to the delay in the release of accrued rights by the Federal Government.

He added that the company initiated the Retiree Support Scheme(RRSS), the first of its kind in the industry.

He said the Retiree Fund in the year generated an annualised return rate of 20.53 per cent.

While speaking to the press, Mr Hamza Sule Bokki, The Managing Director of the NPF Pension Ltd, said that for the operations in 2017, the company declared a dividend of 30k per N1 share.

Bokki said that the company announced a dividend of 20k in 2016, “meaning that there was a 50% increment.’’

According to him, shareholders in the company will be given to the proportion of their holdings.

According to Bokki, “we have reported a profit of about N90billion investment income on the RSA account. As we invest the money, the profits are shared to every RSA account holder.’’

DIG Val Ntoromchukwu, who represented the Inspector General of Police, Ibrahim Idris stated that the leadership of the Police Force is dedicated to enhancing and ensuring further successes in Police Pension Ltd.

He said that the I-G and the entire police management team are solidly behind the company, adding that the “I-G is out to ensure that we consolidate on our previous gains.’’