PFA & RSA Pension funds audited annual accounts: Tangerine APT Pensions

11 September 2023

2022 PFA Corporate and Pension Fund Accounts for the year ended December 2022 – Tangerine APT Pensions



Tangerine APT Pensions Limited is the resulting entity formed from the merger of Apt Pension Funds Managers Limited and Tangerine Pensions Limited.



Tangerine APT Pensions ended the 2022 financial year with 264,947 RSA holders in the 7 publicly available RSA funds, an increase of 105,948 RSA holders from 158,999 accounts in 2021. Additionally, assets under management for the 7 audited Retirement Savings Accounts (RSAs) funds published was ₦185.63 billion, up 75% from ₦105.79 billion in 2021.


Performance Analysis: Company

Revenue for the fiscal year ending on December 31, 2022, amounted to ₦2.34 billion, up 56% when compared to revenue of ₦1.50 billion recorded in 2021. Total expenses increased by 61% and to reach ₦1.90 billion from ₦1.18 billion in 2021.


The company recorded a profit after tax (PAT) of ₦427 million, growing 67% from ₦256 million in 2021. As shareholders’ funds closed 2021 at ₦2.85 billion, the company raised needed to increase its shareholders funds to the new regulatory minimum of ₦5.0 billion. For the year ended December 2022 shareholders' funds closed at ₦6.71 billion following a capital injection. Return on equity (ROE) for the year 2022 was 6.36% compared to 8.98% in 2021.