Sigma Pensions registers 650,000 subscribers in 10 years

Managing Director and Chief Executive Officer (MD/CEO), Sigma Pensions Limited Umaru Modibbo has said the pension fund organisation has registered over 650, 000 subscribers in the last 10 years.

He stressed that the organisation have so far paid about N45 billion as their total benefit payment since they started the business, adding that, about N250 billion is being managed on behalf of their clients.

In a statement issued by the organisation, Modibbo explained that the organisation is also thinking of consolidating all its achievements in mergers and acquisition, stressing that by next year the organisation is going to bring in two or more acquisitions to its plan.
“We are celebrating 10 years in the industry. We are moving to a greater height and the pension industry is a fast growing industry and that is where we are heading as well.
“We are just saying ok we have done 10 years. I think for you to register 650,000 members it is not a small thing and for you to manage N250 billion as a financial institution and that one we have something to celebrate,” he said

Commenting on the new pension scheme, he said the contributory pension scheme is very well secured if we have a tripartite arrangement whereby we as an administrator have custodians and they have regulator, stressing that there is no way there would be any leakage in this system if we work hand in hand.

According to him, government is trying to put up a pension administrative department that would be handling other things about pension, noting that embezzlement and other corrupt practices applied to the old scheme will not be associated with this new scheme.
“This our new scheme is a contributory pension scheme. There is no leakage in that one and I can say to an extent is still perfect fraud free.
“We have check and balances. We have the administrator, custodian and the regulator and we are all balancing on daily basis.

The chief executive officer stated that the new scheme is like individual bank account, adding that if you have any debit that you are not comfortable with you go to your bank and complain about it.
“This one is individualized and it is being managed, whatever happen to your account you can come and call what is happening to my money.
“We give you statement on a quarterly basis for each credit that goes to your account you will see an alert. So, how can the money get missing, since your account has been paid nobody can take it back even your employers,” he said