| 08th September 2008 |
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From The Beginning ...
Sigma Vaughn Sterling Pensions Ltd, (Sigma Pensions)
was incorporated in August 2004, with the sole objective of undertaking the business of Pension
Fund Administration in Nigeria according to the Pension Reform Act (PRA) and is regulated by the
National Pension Commission (PenCom). The company has an authorized share capital of 1,000,000,000
ordinary shares of N1.00 each with 900,000,000 of the shares being fully issued and paid-up.
It is important to note that this issued share capital is 600% of the amount required by the Act,
this because the shareholders of Sigma have ensured that there is more than adequate capital
available to meet the company`s needs. The shares of the company are held by two foremost stockbroking
firms, namely Messrs Sigma Securities Ltd. and Heartbeat Investment Ltd. who have operated in the
Nigerian capital and money markets for several years. Other investors include 21 distinguished
Nigerian individual professionals among which are the following;
- Rasaki Oladejo
- Prof Iya Abubakar, FAS
- Cletus Imaseun
- Prof Jibril Aminu, FAS
- Umaru Hamidu Modibbo
- Adebayo Salami
- John Adidi, FCA
- Muhammad Lawal Buba
- Adamu Mu`azu Modibbo
Following the approval-in-principle granted to the company on the 8th of July, 2005 by the
PenCom and the fulfillment of all pre-licensing requirements, Sigma Pensions was granted full
license to operate as a Pension Fund Administrator (PFA) on the 7th of December, 2005.
Technical Partnership...
Sigma Pensions has a Technical Partnership Agreement
with a leading South African pension administrator and advisor, Messrs Vaughn Sterling Pensions
(Pty) Ltd (VSP). The Agreement is for the provision of training, IT Solutions, foreign investment
advice, and overall company administration. The Agreement is for an initial period of three years,
with ample renewal provisions.
VSP is represented on the Board of Sigma Pensions in an executive capacity by Rick Veringa. He
is the Chief Operating Officer (COO) as well as the chairman risk committee, and member investment
strategy, audit and marketing committees of the Board.
VSP have assisted Sigma with the installation of appropriate hardware and software capabilities,
and have also designed and implemented the risk management architecture and investment procedures.
This is on the basis of BOTT, being an undertaking to build, operate, train and transfer.
Vaughn Sterling Pension (Pty) Ltd (VSP) is registered with the South African Financial Services
Board as a Pension Fund Administrator, and may accordingly conduct any related pension fund
business within the Republic of South Africa, and elsewhere. VSP has technical agreement with
seven (7) leading South-African Pension Fund Managers among which are:
- Investec
- Sanlam
- Mcubed
- RMB Asset Managers
VSP also enjoys registration with the Institute of Retirement Funds in South Africa, and is
recognized by the Institute of Principal Officers via their Chief Executive Officer, Rick Veringa.
They are also in partnership with The Traders Edge, a leading Options trader in South-Africa and
New York. By extension Sigma Pensions can tap from the vast intellectual resources and expertise
of these fund managers.
The shareholding of VSP is 26% held by Rick Veringa, and 74% by Vaughn Sterling and Associates
(Pty) Limited. As a result of this shareholding, VSP are also able to enjoy the registration of
VSA as a financial services provider, and accordingly also conduct this business.
VSP specializes in the strategic management of pension funds. This is achieved by undertaking a
detailed risk assessment of any particular Fund, and developing a detailed investment strategy that
compliments that risk profile whilst also achieving the strategic objectives of the Board of
Trustees. Specific mandates are negotiated with investment managers, with their performance being
monitored on a quarterly and YTD basis. Extensive training of trustees is also undertaken and Rick
Veringa has extensive experience with the management of pension funds (being a Trustee and/or
Chairman of Pension Funds for more than 27 years) as well as significant experience with the
investment specifics and overall investment management of pension funds. This includes both defined
benefit as well as contributory provident funds.
Also available to VSP are Mr. John Stanbury and Mr. Johan van Niekerk. Mr. Stanbury is the current
chairman of the South African Board of Standards and is an internationally acclaimed expert in funds
and portfolio management.
Niekerk has more than 22 years experience as Principal Officer to both Pension as well as Provident
Funds. This is a seasoned veteran as regards payroll management for pensioners, and specifically
administrative matters (e.g. spouses, dependants, conflicts between the law and testamentary or
nomination specifics, etc)
Our Mission and Vision Statements/Core Values...
Our Strategic VisionTo be the Pension Fund Administrator of choice
Our Strategic MissionTo be the biggest and most efficient provider of pension
fund administration services to individuals and institutions alike while maintaining the
highest level of trust and returns to all our stakeholders.
Our Core ValuesProfessionalism, Skills and Courtesy
Board of Directors...
The Board of Directors of Sigma Pensions is comprised of 7 highly accomplished and well respected
professionals and administrators, chaired by Alhaji Rasaki Oladejo, the distinguished former Deputy
Director-General of the Nigerian Stock Exchange. Other members are:
Alhaji Rasaki Oladejo (BSc, MA, FCS) - Chairman, Board of Directors
Alhaji Rasaki Oladejo is an economist, investment manager, chartered stockbroker
and Chairman, Mountain Securities and Investment Ltd. He was Deputy Director-General
of the Nigeria Stock Exchange prior to his retirement. Oladejo is also the chairman
of the establishment committee of the Board.
Adamu Muazu Modibbo (LL.B, BL, ACS, ACIP) - (MD/CEO)
Adamu Modibbo is a Lawyer, Investment Banker and Chartered Stockbroker with work
experience spanning over 22 years.
He is one of the two promoters that conceived the Sigma Pensions project in 2004.
Prior to promoting the project on a full time basis, he retired from First Bank
Nigeria Plc where he was Deputy General Manager in charge of the Public Sector Banking
Group. Prior to joining First Bank, he worked at United Bank for Africa Plc., as well
as at New African Merchant Bank Ltd.
He has vast experience in all aspects of Investment Banking, Treasury, Corporate Finance
and Stock Broking.
Modibbo began his banking career with Chase Merchant Bank Ltd (later renamed Continental
Merchant Bank), including training postings to New York. He had also served as Chief
Executive of Newdevco Finance Services Company Ltd, a leading stock broking company in Nigeria.
Modibbo has had extensive local and international training and exposure in Corporate Finance,
Corporate Banking, Treasury and Stock-broking. He obtained double Diplomas in security analysis
and portfolio management and debt and equity securities from the prestigious New York Institute
of Finance, USA. He also obtained a Diploma in Financial Marketing from the University of London
in 1999.
Rick Veringa (ACIS, ACMA) - Chief Operating Officer (COO)
Mr. Richard (Rick) Veringa is a South African citizen, and is the Chief Executive Officer of
Vaughn Sterling Pensions (Pty) Ltd., of Pretoria, our technical partners. He is the project
leader of the South African technical team responsible for the installation of the software
and operating procedures for Sigma Pensions.
He has more than 27 years experience with all facets of pension fund administration and investment
management, and presently specializes in the strategic planning and risk analysis of funds.
Rick is a Fellow of the Chartered Institute of Secretaries and Administrators. He also qualified
as a Cost and Management Accountant and attended the Executive Development Programme at Cornell
University, Ithaca, New York USA.
He is the chairman risk committee, and member investment strategy, audit and marketing committees
of the Board.
Cletus Imasuen (HND, MBA, FCS)
Chief Cletus O Imasuen is currently the Managing Director of Heartbeat Investments Ltd. He is a
Fellow of the Chartered Institute of Stockbrokers and a former council member of the Nigeria
Stock Exchange.
Chief Imasuen is chairman of the investment strategy committee.
Mohammed Adamu Jalingo (BSc, MBA)
Alhaji Mohammed Adamu Jalingo is a former Managing Director of Taraba Investment Company Ltd.,
and also former member on the board of Nigeria Beverages Production Company Ltd as well as
Kaduna Textiles Ltd. He is currently into private business.
Umar Hamidu Modibbo (BSc, ACS)
Alhaji Umar Modibbo, an accomplished businessman, is an experienced investment portfolio manager
and chartered stockbroker. He is the Managing Director of Sigma Securities Ltd. He was a council
member of the Nigeria Stock Exchange.
He is also a key promoter of the company and a member of the investment and strategy committee
of the Board.
Titilayo Tairat Adebiyi (HND,MBA)
Mrs Titilayo Adebiyi, an accomplished banker is the Deputy General Manager in charge of Services at Bank PHB.
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