October 18, 2006/punch
Sterling Bank Plc has acquired a 30 per cent stake in pension fund administrator, Crusader Pensions Limited, which has resulted in the change of the companys name to CrusaderSterling Pensions Limited.
Announcing the development on Tuesday in Lagos, Managing Director, Crusader Sterling, Mr. Adewale Raji, said it would further strengthen the new pension regime in the country under which private sector pension fund administrators and pension fund custodians will manage pension funds.
The idea is to remove the burden of pension payment from the government, which had resulted in defaults and associated hardship for public sector retirees, as well as deepen the financial market.
Raji said the union with Sterling Bank would automatically increase its ability to reach customers through the bank nationwide branch network.
He also pointed out that the development would give contributors access to information about the fund administration in any form they so desire.
Managing Director, Sterling Bank Plc, Mr. Tunde Dabiri and the banks Executive Director, Mr. Lanre Adesanya, will represent the banks interest on the companys board.
Raji also said the two independent directors, Mr. John Ameh and Ms Bennedikter Molokwu, have also been appointed to the board.
Ameh is currently the Managing Director and Chief Executive Officer of Nigerian Reinsurance Corporation, while Molokwu is Chief Executive Officer of Credit Swift Limited and President of the Institute of Directors.
Raji said the new pension regime would enable workers put their future in their hands, while pointing out that contributors have the right to choose their pension fund administrator and monitor their funds.
Other stakeholders in CrusaderSterling include Crusader Trustees Limited, Lead Capital Limited, WSTC Financial Services and Ideal Insurance Brokers Limited.
The CrusaderSterling boss said that the company was committed to ensuring the security and comfort of contributors by delivering high quality service, using up-to-date technology.