Oak Pensions Limited (PFA) is set up for the business of Pension Fund Administration under the new Pension Reform Act 2004. The company’s focus and strength will be the application of modern information technology for the management, operation and investment of pension funds for maximum yield to contributors. The company intends to be a major player in the pensions industry by taking less advantage of the strength of its promoters as well deploying aggressive marketing strategies to capture the existing base of its promoters and also making forays into other areas of the lower pensions market.
The company is a high service aPension Fund Administrator. Integrated Pension Fund Management and Administration services will be offered from the Head Office at 266, Murtala Mohammed Way, Alagomeji, Yaba, Lagos, from branches across the Country and from sales outlets of its promoters and their shareholders. The company will aim to rapidly secure and retain the highest number of employees whom it proposes to serve with excellent value – added services utilizing highly skilled personnel and state of the art technology.
The promoters of Oak Pensions Limited are:
ICMA Services Limited
was incorporated on in 1996 to carry on the business as financial consultants and advisers and Portfolio management. The company has over the years invested in several publicly quoted companies on The Nigeria Stock Exchange.
The company has taken a strategic step to invest in the Nigerian Pension Industry by acquiring controlling interest in Oak Pensions Limited in order to grow the business of the company and convert the opportunities that are emerging in the industry.
Cornerstone Insurance Plc
was incorporated on 26th July 1991 as a private limited liability company. The company became a Public Limited Liability company and quoted on the Stock Exchange in 1997.
The Company, which is owned and managed by Nigerians, has grown impressively since inception. The company’s authorized and paid up share capital is about N3billion and N1 billion respectively, while the Shareholders’ funds is in excess of N1.56 Billion.
Express Discount Limited (EDL)
is a financial institution licensed by the Central Bank of Nigeria to provide Discount House services to the financial community. It was incorporated on 25th November, 1992 as a private limited liability company and specialised financial institution. It was licensed on 22nd July, 1993 and commenced full operations on 23rd July 1993.
It is owned by a group of nine financial institutions – Skye Bank Plc, Spring Bank Plc, Bank of Industry, Bank PHB Plc, Diamond Bank Plc, First Inland Bank Plc, Newline Insurance Company Limited, NICON Insurance Plc, and Niger Insurance Plc.