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Alexander Forbes Consulting Actuaries Nigeria Limited

Company Profile

February 2019
PART 1: COMPANY PROFILE

Alexander Forbes Consulting Actuaries Nigeria Limited (AFCAN) is Nigeria’s leading provider of
Actuarial services as well as a full spectrum of Employee Benefits Consulting Services. The core
business in AFCAN is the provision of actuarial advice. Our customers include small, medium and
large corporate organisations, government agencies, parastatals, universities, trusts, charitable
organizations, specialist groups and individuals. We provide actuarial services in these main areas:

Employee Benefits Consulting;


General and Life Insurance Consulting;
Health Insurance Consulting
Verification Services

Within the Alexander Forbes Group, many of our employees and senior management are members
of professions that set and demand very high standards of professionalism. This includes Actuaries,
Chartered Financial Analysts and Chartered Accountants. Professionalism is therefore a key
concept underlying all Alexander Forbes’ advice, and we are acutely aware of the impact
unprofessional conduct would have on Alexander Forbes’ credibility, should a conflict of interest
ever arise. We nurture long-term relationships with our clients, based on mutual trust and respect
and would not compromise the quality of our service and advice to our clients.

The Directors of Alexander Forbes Consulting Actuaries Nigeria Limited are:


❖ Wayne Colin Van Jaarsveld
❖ Saad Jijji (Managing Director)

Alexander Forbes’ African businesses have over 4,000 institutional clients, 175,000 retail customers
and 1.4 million members under administration and more than $30 billion assets under management
and administration.

Alexander Forbes’ reputation has as much been built on its ability to provide the most appropriate
client solutions as it has on its inherent expertise in empowering clients to make informed decisions.
A cornerstone of our business is our proactive capacity to pre-empt new developments and changing
circumstances. Issues tackled at Alexander Forbes are therefore not just simply highlighted, but
accompanied with appropriate solutions and detailed strategies.

At Alexander Forbes, we believe in creating long-term sustainable relationships with our clients.
Testament to this is our client retention rate of some 99.13% since 2003.

Lastly, we believe that our resource base, experience and commitment to Nigeria and the West
African region are second to none. We are at the forefront of actuarial consulting in West Africa and
are providing “cutting edge” services in this region, thereby creating benchmark standards aspired
to by the industry.
PART 2: COMPANY EXPERIENCE

Alexander Forbes Consulting Actuaries Nigeria Limited (AFCAN) is one of the leading companies
in both government and private employee benefits consulting in Nigeria. We have designed and
implemented private employee benefit programs for many companies. An example is our conclusion
of a project where we advised the Federal Government of Nigeria through the National Pension
Commission to determine the Governments’ accrued liabilities and their transition into the new
National Scheme, in accordance with the Pension Reform Act 2004. The project covered over
800,000 public servants.

The core business in Alexander Forbes Consulting Actuaries Nigeria Limited (AFCAN) is the
provision of actuarial and employee benefits advice and administration services to government,
quasi-government, parastatal and corporate sponsored retirement schemes and insurance
companies. We provide actuarial services in these main areas: Pensions and Employee Benefits,
General and Life Insurance, Health Insurance and Verifications Consulting.

Alexander Forbes Consulting Actuaries Nigeria Limited (AFCAN) has a wide range of experience
from the variety of organisations for which we consult. AFCAN’s clients include over 70 private and
government parastatal companies in Nigeria and West Africa.

Over the years Alexander Forbes, both in Nigeria and at the Group level, have had numerous
actuarial and consulting appointments assisting clients with scheme design, benefit improvements,
specialist retirement benefit advice, asset consulting advice and assisted them on governance,
benefit administration and investment management processes. We believe that our resource base,
experience and commitment to Nigeria and West African region are second to none.

The following are some of our clients in the Public Sector:

• National Pension Commission


• Nigerian Ports Authority Superannuation Fund
• Nigeria Deposit Insurance Corporation Staff Pension Fund
• Federal Airport Authority of Nigeria Staff Pension Fund
• Nigeria Export Import Bank Staff Pension Fund
• Lagos State Pension Commission
• Lagos State Civil Service
• Lagos State Ministry of Health
• National Insurance Commission
• Security and Exchange Commission and many others

Over the years Alexander Forbes, both in Nigeria and at the Group level, have had numerous
actuarial and consulting appointments assisting clients with scheme design, benefit improvements,
specialist retirement benefit advice, asset consulting advice and assisted them on governance,
benefit administration and investment management processes. We believe that our resource base,
experience and commitment to Nigeria and West African region are second to none.
Our innovative approach to consultancy
We are a widely diversified firm providing advice in many fields where actuarial expertise is required.
We believe that we are at the cutting edge of innovation in terms of developing the best methods of
advising our clients on their key consulting issues.

Client Focused
We listen to our clients. Client service starts with an understanding of each client’s needs and
objectives. Adding value is our objective for every client.

In particular, we do not believe in providing a “house” or “imported” view. By listening to our clients’
needs, we align our services to deliver the features and solutions that are most appropriate reflecting
the client’s objectives and socio-economic circumstances.

Clear and Concise Advice


We have also made it a point over the years of recruiting actuaries and consultants who are not only
technically sound, but are good communicators in explaining what can be a complex and highly
technical subject.

In training our actuaries and consulting staff, we stress the need to communicate clearly with their
principals and to ensure that all information provided is set out in a format which is clearly understood
and can be digested by people who are not experienced in actuarial issues.

Pro-active
We strive to be proactive in all our areas of business. We view it as our role to approach you with
any changes in socio-economic factors and industry trends, and to pre-empt potential problems
before they emerge.

Innovative
In addition to this, we aim to challenge or question the status quo while at the same time ensuring
that we provide understandable and practical advice in tune with current/relevant issues.

We do not simply highlight relevant issues but pride ourselves on suggesting appropriate solutions
and courses of action.

The above aspects are particularly relevant in the context of this assignment where a number of
possible approaches will need to be explored.

The next section provides an overview of our track record in Nigeria, while Section 2.1 highlights
examples of projects performed for the Federal Government and its organs, State Governments and
Private companies. More details are available if required and should you require references from
our clients in respect of any or other of the mentioned work experience, we can supply you with the
necessary contact details.
Description of actual services provided by Alexander Forbes

Actuarial Services:
✓ Actuarial Valuation of employee benefits scheme in line with International and Local accounting
standards (such as IAS 19). These benefits include Retirement Pensions, End of Service
Gratuities, Long Service Awards, Post-Retirement Medical Schemes, Company Stock Option
arrangements etc.
✓ Asset Liability Model Study
✓ Hedging strategies to protect scheme assets from market volatility
✓ Asset and liability transfers to other schemes or insurers
✓ Quantify transfer values in respect of members and pensioners
✓ Setting contribution rates required by members and employers
✓ Ad hoc costings such as benefit improvements
✓ Advice on the financial impact of rule amendments
✓ Regular financial reviews and valuations for funding and statutory requirements
✓ Benefit calculations for individual members or groups of members
✓ Statutory valuations for life insurance companies.
✓ Advice on premium rates and other services for insurance companies

Consulting Services:
✓ Benefit structure and design of new benefits and contribution levels
✓ Insurance requirements e.g. for insuring certain benefits outside the scheme.
✓ Legislative developments and informing clients about changes in legislation that might have an
impact on the scheme and its operations.
✓ General advice to life insurance companies.
General Track Record in Nigeria

Federal Airports Authority of Nigeria

Project: Role in Project:


Actuarial Valuation of Staff Retirement Actuary
Benefit Scheme

Project Location within Country: Professional Staff Involved:


Lagos Nigeria
Project Director:
Business of Client: Yeside Oredugba
Regulatory Body
Team leader:
Address: Debbie Erukunuakpor
Federal Airport Authority of Nigeria, Ikeja, Lagos

Country:
Federal Republic of Nigeria.

Start Date (Month/Year): Completion Date (Month/Year):


May, 2017 August, 2017

Description of Project:

The project entailed performing an actuarial valuation of Scheme of over 7,500 as required by the
Pension Act 2004 and the Trust Deed and Rules of the Scheme.

Description of Actual Services Provided:

▪ Data relating to all Scheme Members were collated and processed


▪ Year-on-Year Trend Analysis on Scheme data
▪ Using actuarial tools and software, the computations were carried out as at 31/12/2016
▪ Determination of Scheme Funding Position
Nigeria Deposit Insurance Corporation

Project: Role in Project:


Actuarial Valuation of the Staff Pension Actuary
Fund.

Project Location within Country: Professional Staff Involved:


Lagos Nigeria
Project Director:
Business of Client: Yeside Oredugba
Regulatory Body
Team leader:
Address: Debbie Erukunuakpor
Plot 447/448, Central Business District,
Constitutional Avenue, Garki, Abuja

Country:
Federal Republic of Nigeria.

Start Date (Month/Year): Completion Date (Month/Year):


Annually January, Annually

Description of Project:

Carrying out the actuarial valuation of fund as required by the Trust Deed and Rules of the scheme
and the Pension Reform Act, 2004. The valuation exercise covered pensioners in the scheme. It is an
annual exercise in line with the requirement of the Pension Act.

Description of Actual Services Provided:

▪ Data relating to all Scheme Members were collated and processed


▪ Year-on-Year Trend Analysis on Scheme data
▪ Using actuarial tools and software, the computations were carried out
▪ Determination of Scheme Funding Position
▪ Funding Advice based on Scheme Funding Position
Nigeria Ports Authority

Project: Role in Project:


Actuarial Valuation of Nigeria Ports Actuary
Authority Superannuation Fund

Project Location within Country: Professional Staff Involved:


Lagos Nigeria
Project Director:
Business of Client: Yeside Oredugba
Transportation and Freight support services
Team leader:
Address: Somala Aghogho
Nigeria Ports Authority, 1 Joseph Street, Lagos
Island, Lagos

Country:
Federal Republic of Nigeria.

Start Date (Month/Year): Completion Date (Month/Year):


Annually Annually

Description of Project:

Carrying out the actuarial valuation of pension scheme as required by the Pension Reform Act, 2004
and the outstanding contributions. The exercise covered over 12,000 members of the Scheme. The
exercise also covers the valuation of Gratuity liability for active members.

Description of Actual Services Provided:

▪ Data relating to all Scheme Members were collated and processed


▪ Year-on-Year Trend Analysis on Scheme data
▪ Using actuarial tools and software, the computations were carried out annually
▪ Determination of Scheme Funding Position
▪ Determination of Outstanding contributions.
Securities and Exchange Commission

Project: Role in Project:


Actuarial Valuation of Staff Pension Actuary
Fund

Project Location within Country: Professional Staff Involved:


Abuja Nigeria
Project Director:
Business of Client: Yeside Oredugba
Regulator
Team leader:
Address: Aghogho Somala
SEC Tower, Plot 272 Samuel Adesujo
Ademulegun Street, Central Business District,
Garki, Abuja

Country:
Federal Republic of Nigeria.

Start Date (Month/Year): Completion Date (Month/Year):


Annually Annually

Description of Project:

Carrying out the actuarial computation of accrued retirement benefits of about 700 public servants who
are members of the Scheme, in compliance with the Pension Reform Act 2004.

This is an annual exercise as required by the Pension Reform Act

Description of Actual Services Provided:

▪ Data relating to all Scheme Members were collated and processed


▪ Year-on-Year Trend Analysis on Scheme data
▪ Using actuarial tools and software, the computations were carried out annually
▪ Determination of Scheme Funding Position
Lagos State Government

Project: Role in Project:


Actuarial Investigation of Accrued Actuary
Retirement Benefit liability of staff in the
Public Service of the State

Project Location within Country: Professional Staff Involved:


Lagos Nigeria
Project Director:
Business of Client: Yeside Oredugba
State Government
Team leader:
Address: Aghogho Somala
Lagos State Secretariat, Alausa, Ikeja, Lagos
Other staff:
Country: Debbie Erukunuakpor
Federal Republic of Nigeria.

Start Date (Month/Year): Completion Date (Month/Year):


Annually Annually

Description of Project:

Carrying out the actuarial computation of accrued retirement benefits of over 110,000 public servants
in compliance with the Pension Reform Act 2004 and advising on the Redemption Fund required settle
all obligations as and when due.

Description of Actual Services Provided:

▪ Data relating to all Scheme Members were collated and processed


▪ Year-on-Year Trend Analysis on Scheme data
▪ Using actuarial tools and software, the computations were carried out annually
▪ Determination of Scheme Funding Position
▪ Projections of Redemption Fund
▪ Advice on appropriate contribution rates for the Redemption Fund
Addax Petroleum Development Nigeria Limited

Project: Role in Project:


Transition computations of the Actuarial Actuary
Investigation of Accrued Retirement
Benefit liability of staff

Project Location within Country: Professional Staff Involved:


Lagos State
Project Director:
Business of Client: Yeside Oredugba
Petroleum Development
Team leader:
Address: Debbie Erukunuakpor
Lagos State, Nigeria

Country:
Federal Republic of Nigeria.

Start Date (Month/Year): Completion Date (Month/Year):


Annually Annually

Description of Project:

Carrying out the transition computations for the conversion of the existing defined benefit scheme to
the defined contribution scheme in compliance with the Pension Reform Act 2004 and advising on the
funding options and payment schedules of scheme deficit.

Description of Actual Services Provided:

▪ Data relating to all Scheme Members were collated and processed


▪ Year-on-Year Trend Analysis on Scheme data
▪ Using actuarial tools and software, the computations were carried out
▪ Determination of Scheme Funding Position
▪ Schedule of payments of funds due to transition of pension scheme.
PART 4: TECHNICAL QUALIFICATIONS OF PROPOSED TEAM

Name of Staff: Brian Karidza


Position: Head Actuary
Educational Qualifications: B.Sc. Business Administration. MBA (Finance & Strategy)

Membership in Professional Societies:


Institute of Actuaries, United Kingdom (IFoA)
Actuarial Society of South Africa
_______________________________________________________________________
Key Qualifications:

Brian is a consulting actuary within the emerging markets division. He has worked at Alexander
Forbes since 2012. He has over 5 years’ experience in retirement funds industry specialising in
funding and accounting style valuations.

Brian has also been involved in Asset-liability Modelling exercise for defined contribution funds.as
well as IFRS 2 share option valuations. He is currently a signing off actuary on several defined
benefit and defined funds across the continent.

Brian also has experience in post-retirement medical fund valuations and has recently been
involved in general insurance valuations.

Previously, Brian worked at Deloitte Consulting in the Actuarial and Analytics Consulting team.
_______________________________________________________________________
Education
University of Witwatersrand 2010
BSc (Hons) Actuarial Science

University of Witwatersrand 2009


BSc Actuarial Science and Mathematical Statistics
_______________________________________________________________________
Employment Record:

Actuarial analyst 2012 - 17


Deloitte consulting

Senior actuarial analyst 2015 – 2015


Alexander Forbes Financial Services

Senior actuary 2016 – Date


Alexander Forbes Emerging Markets
_______________________________________________________________________
Professional Qualifications:

Fellow of the Institute and Faculty of Actuaries UK (2016)


Fellow of the Actuarial Society of South Africa (2017)
Certified Enterprise Risk Actuary (2017)
Name of Staff: Yeside Oredugba-Gbenro
Profession: Senior Actuarial Consultant
Years with Firm/Entity: 9 years

Membership in Professional Societies:


Institute of Actuaries, United Kingdom (IFoA)
Association of Certified Chartered Accountants (ACCA)
Chartered Institute of Nigeria (CIIN)
________________________________________________________________________
Key Qualification:

Yeside holds a diploma in Actuarial Science with Second Class honours from the University of
Lagos, Akoka, Nigeria.

She also holds a B.Sc. in Actuarial Science with a Second Class Honours from the University of
Lagos, Akoka. She is currently a member of the Institute of Actuaries, UK and the Association of
Chartered Certified Accountants (ACCA) and the Chartered Insurance Institute of Nigeria (CIIN).

Her experience in the actuarial consultancy runs through participation in investments, pension,
employee benefit consultancy and Insurance Consultancy. She was actively involved in the projects
for some organizations, state government and government parastatal valuations such as, Lagos
State, Osun State, Benue State, Niger State, Securities and Exchange Commission (SEC), Lasaco
Assurance, Royal Exchange Assurance, Gold Link Assurance, Niger Insurance, Union Assurance,
Rubber Estates Nigeria Ltd amongst others.
_____________________________________________________________________
Education:
University of Lagos, Akoka Lagos 2015
Masters, Business Administration (In View)

University of Lagos, Akoka Lagos 2004 – 2008


B.Sc. Actuarial Science

University of Lagos, Akoka Lagos 2004 – 2005


Diploma in Actuarial Science

Queens College Yaba Lagos 1997 - 2003


West Africa Senior School Leaving Certificate (WASSCE)

________________________________________________________________________
Employment Record:

Alexander Forbes Consulting Actuaries Nigeria 2009 – Date


Actuarial Consultant/Head - Pension & Employee Benefit

Union Bank of Nigeria April 2009 – Sept. 2009


B.Sc. Actuarial Science

Alexander Forbes Consulting Actuaries Nigeria Nov. 2008 – Feb. 2009


Actuarial Analyst
________________________________________________________________________
Name of Staff: Debbie Erukunuakpor
Profession: Actuarial Analyst
Years with Firm/Entity: 5 years

Membership in Professional Societies:


None
________________________________________________________________________
Key Qualification:

Debbie has handled projects within the pension and insurance areas of actuarial practice. Her
strengths lie in retirement benefit computations and she has garnered valuable experience in this
area in her time with Alexander Forbes. Her experience in actuarial consultancy runs through
participation in Pension and Employee Benefit consultancy. She has been actively involved in
projects for Private and government parastatals.
________________________________________________________________________

Education:
University of Benin Nigeria 2008 - 2012
B.Sc. Industrial Mathematics (First Class Honours)

________________________________________________________________________

Employment Record:

Alexander Forbes Consulting Actuaries Nigeria 2014 - Date


Actuarial Analyst

________________________________________________________________________
Name of Staff: Archibong Adekunle
Profession: Actuarial Analyst
Years with Firm/Entity: 3 months

Membership in Professional Societies:


None
________________________________________________________________________
Key Qualification:

Kunle has handled projects within the pension area of actuarial practice. His strengths lie in
retirement benefit computations and Data analysis
________________________________________________________________________

Education:
University of Lagos, Akoka Lagos 2017 - Date
Masters, Business Administration (In View)

University of Lagos, Akoka Lagos 2011 – 2015


B.Sc. Actuarial Science

________________________________________________________________________

Employment Record:

Alexander Forbes Consulting Actuaries Nigeria 2018 - Date


Actuarial Analyst

________________________________________________________________________

Name of Staff: Oluwatobi Oshinowo


Profession: Actuarial Analyst
Years with Firm/Entity: 3 months

Membership in Professional Societies:


Society of Actuaries, United States of America (USA)
________________________________________________________________________
Key Qualification:

Tobi has handled projects within the pension area of actuarial practice. His strengths lie in retirement
benefit computations and Data analysis
________________________________________________________________________

Education:
University of Lagos, Akoka, Lagos 2009 - 2014
B.Sc. Actuarial Science

________________________________________________________________________

Employment Record:

Alexander Forbes Consulting Actuaries Nigeria 2018 - Date


Actuarial Analyst

________________________________________________________________________
PARTNERS

Name of Staff: Sa’ad Jijji


Position: Managing Director
Educational Qualifications: B.Sc. Business Administration. MBA (Finance & Strategy)
_______________________________________________________________________
Key Qualifications:

Mr. Saad Jijji is the Managing Director of Alexander Forbes Consulting Actuaries Nigeria and
oversees the overall business development of Alexander Forbes Franchise in Nigeria. He
specializes in Investment Management and Consultancy.

Saad holds a B.Sc. with honours in Business Administration from Ahmadu Bello University and has
an MBA from University of Oxford. His wealth of experience spans across Investment management,
financial advisory services, management, finance and consultancy. He is often called upon to share
his experience of the industry.
_______________________________________________________________________
Education
Said Business School (University of Oxford) 2009
MBA (Finance & Strategy)

Ahmadu Bello University 1995


B.Sc. Business Administration
_______________________________________________________________________
Employment Record:

Managing Director 2015 - Date


Alexander Forbes Consulting Actuaries Nigeria

Founder/Executive Chairman 2014 – 2015


Sangrom Nigeria Limited

Chief Investment Officer/Head of Investment 2013 – 2014


Department (DGM), Premium Pension Limited

Chief Strategy Officer/ Head of Investment 2012 – 2013


Department (DGM), Premium Pension Limited

Consulting Partner 2011 – 2012


Sukayel Global Limited

National Customer Intelligence Manager 2008 – 2010


MTN Nigeria Communications

Regional Service Manager 2004 – 2008


MTN Nigeria Communications

Senior Analyst 2001 – 2004


Citibank Nigeria

Intercellular Nigeria Limited 1997 - 2001


COMPANY ADRESS AND INFORMATION OF KEY EMPLOYEES

Alexander Forbes Consulting Actuaries Nigeria Limited


P .O. Box 74686, 2nd Floor, Rio Plaza
235 Muri Okunola Street,
Victoria Island
Lagos Nigeria

Tel: 234 1 271 1081 – 3


Fax: 234 1 271 1084

Email: ZZAFNigeria@aforbes.com

Name: Yeside Oredugba-Gbenro


Position: Head, Employee Benefits
Phone Number: 09090266751
Email: OredugbaY@aforbes.com

Name: Ibilola Akinla


Position: Head, Business Development
Phone Number: 09090266750
Email: AkinlaA@aforbes.com

Name: Saad Jijji


Position: Managing Director
Phone: 08032005494
Email: JijjiS@aforbes.com