By Fidelis Soriwei, Abuja

Thursday, 16 Dec 2010

The Trust Fund Pension PLC has declared a profit of N306.7m for the year ended December, 2009.

The Chairperson of the Fund, Mrs. Ogozi Olejeme, said this during the Annual General Meeting of the organisation in Abuja.

According to her, the Fund also made a remarkable achievement of increasing its share capital from N1bn to N2bn.

She said that the company was able to increase its share capital through the creation of one billion shares ordinary share of N1.00 each designed to rank alongside the existing ones.

She commended the company’s management for the recorded feat, in spite of the challenges that confronted it during the period under review.

She attributed the achievement to the decision of the management team to reduce cost, in accordance with changing market conditions.

She noted that the adverse effect of the global economic crisis which started from the United States impacted on the activities of financial institutions.

She said, “The period under review saw the global economic boom and the buoyant economy then contracted.

“Until 2007, we witnessed continued growth in Gross Domestic Product and buoyant economic conditions as the oil price increased, peaking at 145 United States Dollars before concerns about global demand saw the price fall to as low as $39.”

“The global financial crisis that commenced in 2007 with problems in sub-prime mortgage sector in the economy of the United States resulted in global contagion and the worst recession since the second world war.”

Ten pioneer directors, five members of the interim management committee and eight pioneer members of staff were given various awards for dedicated performance at the event.

Source: Punch