PFA & RSA Pension funds audited annual accounts: Radix Pensions

12 September 2023

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



Radix Pensions Limited was acquired by MBO Capital Management Limited following the recapitalisation process in 2022. This made MBO Capital Management Limited a core investor.



Radix Pensions ended the 2022 financial year with 43,653 RSA holders in the 5 publicly available RSA funds, an increase of 5,208 RSA holders from 38,445 accounts in 2021. Assets under management for the 5 audited Retirement Savings Accounts (RSAs) funds published was ₦6.685 billion, up 30% from ₦5.139 billion in 2021.


Performance Analysis: Company

Revenue for the fiscal year ending on December 31, 2022, amounted to ₦393.07 million, up 152% when compared to revenue of ₦156.05 million recorded in 2021. Total expenses increased by 44% and to reach ₦515 million from ₦357.33 million in 2021.


The company recorded a reduced loss after tax of ₦124 million, when compared to the 2021 loss of ₦202 million. The sum of ₦4 billion was injected into the company following the 2022 recapitalisation exercise and shareholders’ funds closed 2022 ₦4.877 billion, still shy of the new regulatory minimum of ₦5.0 billion. Return on equity (ROE) for the year 2022 was -2.54% compared to -20.19 in 2021.