First Pension Custodian: Best Pension Fund Services Team Nigeria 2019


First Pension Custodian Nigeria (FPCN) was founded in 2005 as one of the original guardians of the country’s retirement funds. FPCN is a wholly owned subsidiary of First Bank of Nigeria (FBN), one of the country’s top three financial institutions. Since its launch, FPC has claimed half of the market, including industrial clients, banks and pension fund administrators – and increased custodial assets to more than $7.6m. The company defines success not only in terms of profits, but also customer satisfaction and sustainability. The FPC team exemplifies the company’s core values of professionalism, entrepreneurship, and customer centricity. Clients are viewed more as partners, and the team collaborates with each one to deliver measurable progress towards investment goals. Providing superior service is one of the team’s driving motivations, and the company seeks regular feedback to fuel a process of continuous improvement. Running a sustainable business requires innovative solutions that create long-term value, and FPCN capitalises on the resources available as part of the FBN Holdings Group. Association with the group benefits FPCN in terms of IT advances and access to a broad base of prospective clients. The Nigerian pension industry presents challenges, from coverage to compliance, but FPCN is well-equipped to prevail. The company is guided by a strong Board of Directors and Senior Management team who articulate and implement the company’s growth strategy. Recent changes in regulations, including interventions like the Micro-Pension Scheme, have opened the market to small and medium-sized enterprises — and led to a boost in business. The judging panel recognises First Pension Custodian Nigeria as the worthy winner of the 2019 Best Pension Fund Services Team (Nigeria) award.

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