ING

Firstly, to bolster our knowledge and expertise, we secured the services of the world-renowned Dutch bank, ING . 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 Start-up 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 Act, and the expectations of the Nigerian pensioner.

Our association with ING has also enabled us to access a grant of €208,650:00 (Two Hundred and Eight Thousand Six Hundred and Fifty Euros) on the Investment Promotion Technical Assistance Program (IPTA) through the Netherlands Development Finance Company, 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 thepreferred destination for occupational pension assets in Nigeria.

SONDA

Secondly, in with respect to our IT solution we signed a technical software 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 in over 20 countries in North & Latin America, Europe and Asia.

Furthermore, it is essential to understand that the Nigerian contributory pension scheme 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 for 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.

UBA

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 with 428 branches nationwide, it also has the largest branch network of any bank in Sub-Saharan Africa!

Furthermore, pursuant to the Act, the Custodian is required to provide a bond to PenCom for the value of the assets they hold on behalf of contributors. Therefore, considering the financial strength of UBA with over N650Billion in assets, the bank is undoubtedly positioned to provide such cover and guarantee the safety of contributors’ funds.