Veritas Glanvills Pensions Limited, a licensed Pension Fund Administrator in Nigeria, has reached a historic profit milestone by surpassing ₦1 billion in profit before tax for the first time since its founding. The company disclosed this achievement at its 19th Annual General Meeting in Lagos on 29 October 2026, when it presented its audited financial statements for the year ended 31 December 2025.
The company's profit before tax climbed to ₦1.02 billion in 2025, representing growth of 34.75% from ₦760.39 million in 2024, according to the audited statements. Profit after tax rose by 34.9% to ₦695.20 million. Gross revenue expanded by 23.95% to ₦3.58 billion in 2025 from ₦2.89 billion in 2024, driven by growth in assets under management, improved investment performance and business development activities. Fees and commission income, the company's primary revenue source, increased by 27.99% to ₦2.75 billion.
Alhaji Farouk Lawal Yola, the board chairman, described the milestone as significant for the company's growth trajectory. He said the achievement reflected the resilience of the business model and the commitment of the board, management and staff. Shareholders' funds grew by 4.54% to ₦6.79 billion in 2025 from ₦6.50 billion in 2024. The company said the strengthened financial position provides a foundation for investment in technology, human capital, customer experience and business expansion.
Godson Ukpevo, the Managing Director and Chief Executive Officer, outlined strategic priorities for sustaining growth. These include deepening customer engagement through personalised service, accelerating digital transformation, expanding market presence through business development and partnerships, and strengthening enterprise risk management and information security. The company said these initiatives aim to improve organisational effectiveness and strengthen competitive positioning in the Nigerian pension industry.
VG Pensions acknowledged the role of the National Pension Commission, the regulator, in strengthening the industry through regulation, policy reforms and initiatives to expand pension coverage. Founded in 1995, the company remains focused on sustainable business growth, stronger customer relationships and operational excellence in pension administration services that support contributors' financial futures.