Oak Pensions Limited (PFA) is set up for the business of Pension Fund Administration under the new Pension Reform Act 2014. 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 Pension 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.
Dr. AWA Ibraheem
He is the Chairman/CEO of ICMA Services Limited, a company engaged in integrated Consulting and Management accountancy services. He is a fellow of the Chartered Institute of Management Accountants, UK, the Institute of Chartered Accountants of Nigeria, Chartered Institute of Taxation of Nigeria and an Associate of Chartered institute of Stockbrokers.
He currently sits on the board of many companies including Express Portfolio Services Limited, Prime Metro Properties limited, Afrocommerce (WA) Limited, HF Schroeder (WA) Limited. He had earlier experience in auditing and tax planning with Olusola Adekanola & Co. Chartered accountants and was Assistant General Manager – Finance & Accounts in New Nigeria Development Company (NNDC), Kaduna (1987-1993).
He has a BSc (Accounting) – first class Honours from University of Lagos(1982), an MBA (Finance) from Ahmadu Bello University, Zaria (1995) and a Ph D (Management science) from University of Ilorin (2003). He has attended various professional courses both in Nigeria and Overseas including Harvard Business School, Strathclyde University, Uk and ILO Institute in Turin, Italy.