"Building a Legacy of Trust"

Introducing Our Company

Legacy Pension Managers Limited (PFA) is a private limited liability company, duly licensed by the National Pension Commission (PenCom), to carry on business as a Pension Fund Administrator (PFA) as defined under the Act. Legacy has a paid up share capital of N800 Million and is 100% owned by Nigerian institutional investors and individuals.

We are currently managing N21 Billion for 150,000 contributors (as of Sept. 08) for private, public and state employees.

The core function of a PFA is the management of Retirement Savings Accounts (RSA), on behalf of individual contributors. Therefore, in order to meet the daunting challenge of satisfying unique individual needs, Legacy adopted excellent business practices & principles, based on a clear vision and guided by strong corporate values.

Our Vision: To become the preferred destination for occupational pensions assets in Nigeria.

Our Mission: To ‘build a legacy of trust’ and become a ‘partner for life’ to all our individual contributors.

In pursuance of these novel ideas, Legacy has adopted strong core values as essential cornerstones in all of its activities. Consequently, our clients’ have already come to expect Integrity; Excellence & Efficiency; Knowledge & Expertise; Empathy & Trust in every facet of our operation.

Our company upholds the highest standards of Integrity in its dealings with all stakeholders. Excellence & Efficiency based on Knowledge & Expertise pervade every aspect of our service delivery.

Our company was built on a strong base of knowledge and a strict adherence to the provisions of all laws that regulate our operations. Furthermore, in line with international best practices, Legacy has also adopted the highest principles of corporate governance & transparency. These virtues are what every contributor should expect from Legacy.

Adherence to these corporate ideals and our deep understanding of the individual contributor’s needs are already creating a proud heritage, a Legacy of Trust!

Our Partners

In order to ‘get it right, first time!’ and ensure that legacy was perfectly positioned to offer the best retirement solutions to the working population of Nigeria, we took the following strategic steps:

Firstly, to bolster our knowledge and expertise, we secured the services of the world-renowned Dutch bank, ING of the Netherlands (ING) to set us up under a technical partnership.

ING has unequalled experience in the provision of expert advisory and the management of pension fund assets; gathered from decades of active involvement in the pension industries of over 25 countries.

The Technical Partnership and Advisory Services Agreement with ING has allowed us access to knowledge, expertise and hands-on guidance to implement world-class standards in our operations, risk management, investment strategies, regulatory compliance, corporate governance and much more. Moreover, ING’s technical expertise was also employed in the development of our own innovative pension solutions in line with the pension Reform Act, and the expectations of the Nigerian pensioner.

Our association with ING has also enabled us to access a grant of €208,650 on the Investment Promotion Technical Assistance Program (IPTA) through the Netherlands Development Finance Company, Nederlandse Financierings Maatschappij voor Ontwikkelingslanden N.V., popularly known as the (Dutch FMO). This grant is a further testament to Legacy’s strong corporate vision; and has also served to confer the company an enviable international stamp of approval!

The decision to partner with ING, has already granted us a clear competitive edge in the Market place by affording us the expertise to provide ‘first class’ services that are ‘second to none.’ This stands as an undeniable testament to our professional approach in pursuing our corporate vision of becoming the preferred destination for occupational pension assets in Nigeria.

Secondly, with respect to our IT solutions we signed a technical services agreement with Sonda de Chile (Sonda) to implement the Sonda AFP.Net pension software solution.

The Sonda AFP.Net software is undoubtedly the most secure, versatile & fully integrated contributory pension management solution in the world. It has been tested and perfected through extensive usage by 35 PFAs in over 20 countries in North and Latin America, Europe and Asia.

Furthermore, it is essential to understand that the Nigerian contributory pension scheme with individual retirement accounts was fashioned on the hugely successful Chilean model. Consequently, the adoption of a software solution that contributed in no small measure to the success of the Chilean scheme is unquestionably an excellent step.

Sonda AFP.Net is a web based open system based on an Oracle DBMS with fully integrated functions including an investment module and a workflow manager. It also recognizes biometrics and caters to all working interfaces with the National Data Bank, PenCom and UBA Pension Custodians Limited.

The use of the Sonda software also brings additional benefits derivable from the experiences of pension fund administrators that utilize the Sonda AFP.Net pension software solution the world over.

Thirdly, in line with the provisions of the Act we appointed UBA Pension Custodians Limited a subsidiary of UBA Plc as our Pension Fund Custodians.

The decision to appoint UBA was made partly on the premise that the new scheme is focused on the individual contributor and therefore necessary to choose a custodian bank with an extensive branch network that could offer easy reach to all our contributors.

UBA is one of the largest banks in Nigeria by any standard and the with the larges branch network of any bank in Sub-Saharan Africa!

Furthermore, pursuant to the Act, the Custodian is required to provide a guarantee to the full sum and value of pension funds assets held or to be held by it to PenCom on behalf of contributors. Therefore considering the financial strength of UBA in assets, the bank is undoubtedly positioned to provide such cover and guarantee the safety of the contributor’s funds.

Legacy signed a share purchase agreement to facilitate a 25% equity investment in Legacy Pension Managers by FCMB plc. FCMB is rated as Nigeria’s best investment bank by EuroMoney and is building Nigeria’s largest consumer finance franchise. This investment by FCMB strengths our corporate positioning and prepares us for future opportunities that will arise in this evolving marketplace.

Shareholders

• First City Monument Bank (FCMB)- 25%
• Other Institutional Investors- 5%
• Private Investors- 70%

Our People

Our board is constituted of seasoned professionals drawn from the financial services sector that cumulatively bring over a century of experience in corporate, investment, retail, consumer, and regulatory banking.

The Chairman of our Board of Directors, Mahey Rafindadi Rasheed (OFR) is a seasoned economist, with extensive experience in regulatory banking gained from years of service in the Central Bank of Nigeria. He also has an unquantifiable wealth of experience gained from sitting on the Boards of over 20 companies on behalf of NNDC, CBN and the Federal Government of Nigeria.

Mr. Bello Mohammed Maccido is the Managing Director/Chief Executive Officer of Legacy Pension Mangers Limited (PFA). Bello is a versatile professional with over 22 years of post-graduation experience most of which covers many areas of corporate and investment banking. Bello is an Alumnus of Ahmadu Bello University, where he obtained a Bachelor of Law (LL.B) degree in 1984. After obtaining his Barrister at Law from the Nigerian Law School in 1985, he proceeded to the Wayne State University, Michigan, where he obtained his MBA specializing in Managerial Finance in 1989. He has also completed executive development programs at the prestigious Harvard Business School and the Wharton School in the US. He is also a Chartered Stockbroker.

Olusegun Fowora (Director) is an accomplished architect and real estate developer. He obtained his Bachelor of Arts and Post-graduate Diploma from the School of Architecture, Canterbury College of Art London. Mr. Fowora is a director on the board of four companies including WSTC Financial Services. He is a member of both the Royal Institute of British Architects and the Nigerian Institute of Architects.

Hassan Agwai Mohammed (Director) is a distinguished public servant and had held key government positions throughout his years in service. Throughout his distinguished career, he as been the Chairman of Pipeline & Products Marketing Company (PPMC), the National Agricultural Land Development Authority (NALDA) and Associated Ores Mining Company.

Lamis Shehu Dikko (Director) earned a BSc in Economics from the University of London and a PMD from Harvard, sits on the board of four companies, is a patron of the Chartered Institute of Bankers of Nigeria (CIBN) and member of the Nigerian Institute of Management.

Ahmed Lawan Kuru (Director) has extensive financial operational experience shown by his BS in Business Administration and MBA from the Ahmed Bello University, Zaira.

Aliyu Baba Mohammed (Director) is an experienced in corporate and private organization accounting. Aliyu Baba has a HND from the Kaduna Polytechnic, a post-graduate diploma in public Administration and in Management Studies from the Kaduna Polytechnic and Usman Dan Fordio University and an MBA.

Misbahu Umar Yola (General Manger Operations) has over 22 years of post-graduate experience gained in the banking sector. He is an alumnus of the Ahmadu Bello University, Zaira where he obtained a BSc in Building and an MBA.

Kalu A Aja (Head of Processing and Marketing) has a MBA from the University of Nigeria and 12 years of experience gained over the years as a Product Group manager at UAC of Nigeria and an Investment Analyst in BGL Limited.

Abubakar Aboki (Head of Business Development) is an alumnus of Ahmadu Bello University and an Associate of the Nigerian Institute of Management.

Uche Ihechere (Financial Controller and Head of Finance Department) is an alumnus of the Lagos Business School, the Federal University of Technology Owerri, and the Imo State University.

Kaloma Dahiru Mustapha (Head of the Legal Department) holds a LLB from Ahmadu Bello University, Zaira, a barrister of law (BL) from the Nigerian Law School and a post-graduate degree in Petroleum Law and Policy from the Center for Energy, Petroleum and Mineral Law and Policy, CEPMLP (University of Dundee, Scotland: UK).

Our Investment Management Service

The core of our investment management process is our Asset and Liability management process. This defines our long term attitude to risk, our return objectives and our strategic asset allocation, taking into account the liabilities of the fund and the opportunities the market will offer, whilst considering PenCom guidelines.

Our asset allocation models are developed on the premise that we should properly match our assets to our liabilities. We have developed and internally imbibed a Statement of Investment Principle, which provides the basis of accountability for all parties concerned in our investment process.

Our Services

We at Legacy guide our clients through the complicated maze of regulatory and operational procedures to ensure a smooth transition of client’s internal processes. Thus we will open discussion, recommend, implement, and support our client from start to finish on this pension process and provide at no charge our interface software and training to enable employees enroll under the new defined contributory scheme.

Legacy Specific services to your Employees:

We have customer service points in selected FCMB Plc branches across all the states of the federation. This allows us to deliver our service using the largest retail banking franchise in sub-Saharan Africa.

Our Sonda AFP.Net pension system is a tested, web based, biometric enabled system with fully installed investment modules. Sonda comes with multiple portfolio options. Thus we are able to manager various investment portfolio customized to our client’s needs eg. we can create an “ethical” pension portfolio or restrict investment in certain investment. This is particularly important for State and LGA and companies that want to continue their previous pension scheme according to Section 39 of the Pension Reform Act of 2004.

Legacy offers contributors a personalized programmed withdrawal option. This allows contributors to transfer their pension benefits to a specified beneficiary or a specified duration. This can allow contributors to match their final pension withdrawals to a personal mortgage plan or a child’s education.

Legacy offers small business and investment training and advisory service to our contributors during their active employment. We support and educate all our contributors during their working life so they are able to manage their pension funds on retirement.

Contributors can check their pension balances 24.7 through the mobile phone networks via text messaging or the internet through our Legacy Pension virtual office.

We train our employees on core pension work process through our Legacy (PFA) Training Academy set up under a technical partnership with ING of the Netherlands.

For public service employees, Legacy (PFA) will assist in discounting your Retirement Bond issued by your employer. We will assist in making this process as stress free as possible for our contributors.

For private sector employees, we have set up a dedicated team to assist in tracking and transferring your contributions with NSIFT to your chosen PFA in 2008 according to the pension reform Act of 2004.

Legacy PFA can assist in digitizing staff personal records i.e. converting them from physical to digital formats with biometric identification at no cost. This will enable employees to prepare monthly schedules, track pension payments and maintain a secure and reliable database.

Legacy PFA has a commitment to service and Trust; we desire to become your “Partner for Life”

We will be pleased to make a formal presentation of our specific roles to you at your earliest convenience and ask that you kindly visit us at our head office on 39, Adeokundo Ademola Crescent Wuse II, Abuja or our Lagos office on 61, Awolowo Road, Ikoyi Lagos.

The Legacy Service Differentials

Service is King. We aim to deliver unrivalled service in a fast, efficient, and friendly manner and to keep abreast of future developments in the marketplace for our clients benefit.

All our correspondences to you will be in plain understandable English. The benefit of adopting this approach is that all employees will understand at any given time where they stand with regard to their pension.

Our Staff are all employees. Retention of staff is one of our main corporate visions. We want our clients to deal with the same people in a business relationship year after year.

We have invested in the Legacy Training Academy, which is an innovative and unique way of ensuring that all our staff are continually trained and developed.

Seek to understand. Only by asking the right questions will we understand our client’s goals and objectives.