First Guarantee Pension Limited (FGPL) is a Pension Fund Administrator (PFA) incorporated on 5 August 2004 under the Pension Reform Act, 2004 and licensed by the National Pension Commission (PENCOM) to manage and invest pensions on behalf of public and private sector employees. Our final operating license as a Pension Fund Administrator (PFA) was granted 13 January 2006.


  • We have an authorized share capital of ₦ 1 billion and a paid up share capital of ₦ 922 million.
  • 70% owned by indigenous Nigerians
  • 30% owned by NOVARE® Holdings, South Africa.
Our Nigerian shareholders comprise of distinguished individuals and corporate bodies from all fields of the economy.



After due consideration for integrity, financial strength and a need for safety of funds, we have selected First Pension Custodian, a wholly owned subsidiary of First Bank of Nigeria Plc, as our pension fund custodian for RSA accounts. Following the Pension Reform Act 2004, First Bank of Nigeria Plc, the oldest Nigerian Bank with the largest branch network and posting the highest profit in the sector started a Pension Fund Custodian (PFC) known as First Pension Custodian Nigeria Limited (FPCNL).

The Pension reform Act 2004 provides for three levels of operators:
  • The National Pension Commission (PENCOM) which is the regulatory and supervisory authority
  • Pension Fund Administrators, otherwise known as PFA’s saddled with the task of managing the pension fund,
    in this case First Guarantee Pension Limited (FGPL)
  • Pension Fund Custodians, otherwise known as PFC’s responsible for holdings pension assets
    in this case First Pension Custodian Nigeria Limited (FPCNL
The company was granted “approval in principle” on August 2005 by the National Pension Commission (PENCOM) and was incorporated on 16 August 2005. It has an authorized and fully paid up share capital of ₦2 billion. As at 31 March 2005, First Custodian Nigeria Limited had ₦377,5 billion of assets under custody.
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To ensure premium service delivery, First Pension Custodian Nigeria Limited formed a strategic alliance with a United Kingdom based technical partner, Sectech Limited, a company with a solid reputation in the global custody market. The partnership with Sectech is aimed at ensuring top-end custody services based on global best practices and standards.
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First Pension Custodian Nigeria Limited is managed by a team of seasoned financial experts from diverse backgrounds and with extensive experience in investment management, pension fund administration, corporate finance, relationship management, auditing and risk asset management.


First Guarantee Pension Limited was the first PFA to use the PFA system from Covenant Visions International. The PFA manager system is a complete pension fund administration system comprising of administration, investment and accounting modules (all integrated). This offers PFA’s all the tools required to successfully manage employee contributions and benefits. The system is based on the dynamics of open architecture, enabling full plug and play compatibility with any other system having similar features. A key benefit of the system is that it is designed to enable pension fund administrators to make the most of opportunities that have opened up and those yet to open.
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Title Name Years-Of-Experience Years-With-FGPL More-Detail
AG. MANAGING DIRECTOR Chima Akalezi 25 5 more
FINANCE AND STRATEGY Johnny Ojeaga 26 8 more
CORPORATE SERVICES Nneka Amobi 25 9 more
EXISTING BUSINESS Adeleye Dinakin 15 9 more
INFORMATION TECHNOLOGY Amasua David Essien 10 8 more
FUND ADMINISTRATION/INVESTMENT Thomas Obadofin Emmanuel 15 8 more
BENEFITS AND ADVISORY Mabel Ohene 10 11 more


First Guarantee Pension Limited currently has ± 180 staff members around the country of which 40 staff members are situated at Head Office in Lagos. We have a highly qualified team with experience in asset management and pension fund administration. We emphasize training of our people and have sent several of our staff to our technical partners, NOVARE® in South Africa for training. Our staff has all bought into the overall strategy and brand architecture of the business and is motivated and excited about, not only our success, but also Nigeria as a country. One of our core competencies as a business is to invest in excellent human capital in order to spread the First Guarantee Pension Limited message with energy and creativity.

Succession planning is in place in each department to ensure proper back-up by ensuring strong support and sharing of work amongst staff members. In each department, there is a dedicated person who serves as head of the department.


The Board of Directors are ultimately responsible for the management of First Guarantee Pension Limited, in assistance with five dedicated committees:
  • Board Nominating Committee
  • Board Audit Committee
  • Board Investment Committee
  • Board Risk Management Committee
  • Board Executive Committee


Comrade Issa Aremu is currently the vice chairman of Nigerian Labour Congress (NLC) and Secretary-General , National Union of Textiles and Garment Workers Union (NUTG).


Chima Akalezi holds a long standing work experience with the Central Bank of Nigeria beginning from 1979 with an in-depth experience spanning the fields of Research, Currency, Banking, Finance and Supervision. He rose to the rank of a Deputy Director, retiring voluntarily in 2011.
A Fellow, Institute of Chartered Secretaries & Administrators London (FCIS) (1992), and Fellow, Chartered Institute of Bankers of Nigeria (FCIB) (2011), Mr Akalezi has been trained in Capacity Building for Examiners, Auditors & Bank Supervisors of Financial Institutions at CECOS London College of IT & Management; Planning & Budgetary Management at University of Jos Consultancy Services ; Senior Management Course at Central Bank of Nigeria Training School; Public Expenditure & Management at National Centre for Economic Management & Administration (NCEMA); Implementing Risk-Based Supervision (New Basel Accord) at Risk Reward, London ; Resident Examiner Programme at London Academy for Higher Education ; Risk Management Practices in Banks & Other Financial Institutions at Nigeria Deposit Insurance Corporation/Chartered Institute of Bankers of Nigeria; Supervision Seminar on Basel 11, Pillar 2 at Office of the Superintendent of Financial Institutions (OSFIS) Canada. Mr.Chima Akalezi holds a B. Sc. in Economics, and an MBA (Financial Management) both from University of Lagos, Akoka, in 1977 and 1992 respectively.


Mr , Johnny Ojeaga is the Financial Controller of the company and member, Interim Management Team. He joined the company on the 9 day of October 2008. A chartered account with a vast experience in financial administration. Mr. Johnny Ojeaga has worked as an accountant with University of Benin Teaching Hospital, Benin City, (UBTH) as an accountant 1, Negris Limited, an oil servicing establishment as a Finance Manager, and Senior Manager (Audit), Arik Airlines Limited, as a General Manager. He holds a Higher National Diploma in Accountancy from Auchi Polytechnics, Edo State. He is an MBA holder (Business Administration) from Ambrose Ali State University Ekpoma , Edo State, an associate member of the institute of Chartered Accountant of Nigeria and an associate member of the Institute of Taxation of Nigeria.
Our Unit Prices as at Sep 14, 2016

RSA Price: 2.5528
Retiree Price: 2.2494
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Our Contact Address
Head Office:
65 Kudirat Abiola Way,
Oregun Ikeja
Lagos, Nigeria.
Our Branches Nationwide
First Guarantee Account Details

SORT CODE 011154686
A/C Number 2007030987
Bank First Bank Nig PLC
CUSTODIAN First Pension Custodian
Branch Phone Number
News Update
Pension recapitalised
As the public awaits the list of recapitalised Pension Fund Administrators (PFAs) from the National Pension Commission (PenCom), the regulator must ensure that both workers and retiree funds under the management of some operators are not at risks.

NSITF Contribution
Have your NSITF contribution under
the defunct NSITF scheme been
transferred to your RSA?