NEWS & EVENTS -FIDELITY PENSION SCALES RECAPITALIZATION HURDLE, POISED FOR QUALITY SERVICE DELIVERY
When the June 2012 deadline for the recapitalization of Pension Fund Administrators to an unimpaired minimum of N1 billion was given, few people thought Fidelity Pension Managers would scale the hurdle. The skepticism resulted from the fact that many PFAs that incepted with Fidelity Pension had either been acquired by bigger PFAs or fizzled out entirely due to the difficult operating terrain, fueling speculations in the news media that Fidelity Pension had been acquired by one of the first generation PFAs.
But despite all odds, Fidelity Pension’s share capital base is today above the minimum N1 billion mark, unimpaired by losses. The success of our capital beef-up exercise stemmed largely from the undwindling faith of the old and new shareholders in the company’s potentials. It is thus positioned, by reason of its improved financial capacity, to deploy adequate human and financial resources to improve service delivery to its numerous clients within the limits of the existing regulatory framework.
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