(PRESS STATEMENT)
Stanbic IBTC Pension Managers Limited, a subsidiary of Stanbic IBTC Holdings PLC, has received an Initial Management Quality Rating of MQ2(NG)(mq) with a Stable Outlook from Global Credit Ratings (GCR). The rating demonstrated the company’s commitment to excellence in all aspects of its operations.
GCR, the rating agency, gained expertise in assessing the creditworthiness of financial institutions, corporates, and government entities, and had established itself as a leading rating agency in Africa. GCR adopted a Management Quality (MQ) rating system that ranked from the highest rating of ‘MQ1’ to the lowest rating of ‘MQ5′. These ratings served as indicators of an entity’s organizational structure, risk management capabilities, and operational controls. They also hinted at markets of the overall quality, management characteristics, and operating practices of organizations.
The MQ2 rating assigned to Stanbic IBTC Pension Managers was an indicator of the institution’s strong management team with robust organizational structures, adequate controls, and sound risk management practices. It also accentuated the company’s clear strategy and solid financial position.
In a statement, Dr. Demola Sogunle, Chairman, Board of Directors of Stanbic IBTC Pension Managers, expressed delight in the rating. He stated that it was evidence of the company’s dedication to achieving excellence in all areas of its operations.
“We are very delighted to have received this rating from GCR, which recognizes our concrete efforts to maintain the highest standards of corporate governance, risk management, and financial performance,” Demola said.
Demola noted that the rating would boost confidence among Stanbic IBTC Pension Managers’ clients and stakeholders and would affirm the company’s dynamic capability to manage risks and deliver on its commitments.
Olumide Oyetan, Chief Executive, Stanbic IBTC Pension Managers, attributed the rating and success of the organization to its commitment to better serve customers without compromising operational excellence.
He said, “We are a member of the Standard Bank Group, Africa’s largest banking group by assets, totaling US$170 billion, as of 31 December 2022. This feat has enabled us to leverage the Group’s resources for our portfolio management functions. Our sister company, Stanbic IBTC Bank, is also the only AAA-rated Bank in Nigeria today, lending further credence to the Group’s strength and stamina, especially in its leadership and governance structures”.
“We deliver pension fund administration and management services to over 1.9 million private and public sector Retirement Savings Accounts (RSA) holders under the Contributory Pension Scheme) through our extensive network of 29 branches and ten service centers nationwide.”
Olumide said the organization also managed defined benefit plans for large corporates and provided value-added services, including retirement planning advice and personal financial planning. He described Stanbic IBTC Pension Managers as an organization equipped with a stable and experienced management team with sound management experience to keep the organization ahead of the pack in its operations and practices.
“Our portfolio management is sound, and our investment style is value-based with a long-term bias. We implement a top-down approach in securities selection, which is monitored monthly by the executive committee. We also offer our clients transparency and ease of account access through channels such as our secure web portal, 24/7 multilingual contact center, telephone, email, SMS, and our growing loop of client experience centers,” Olumide said.
The PFA’s Chief Executive noted that the company maintained an adequate operational risk management framework. He said, “We manage cyber, and data privacy risks using internal controls reviewed annually by independent third parties to reassure all our stakeholders of our commitment to doing business correctly and safely”.
Stanbic IBTC Pension Managers is committed to maintaining the highest professional and operational standards in delivering exceptional services to its growing clientele. The company website, www.stanbicibtcpension.com, has more information on Stanbic IBTC Pension Managers.
