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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:
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.
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.
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.
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
Country:
Federal Republic of Nigeria.
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.
Country:
Federal Republic of Nigeria.
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.
Country:
Federal Republic of Nigeria.
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.
Country:
Federal Republic of Nigeria.
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.
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.
Country:
Federal Republic of Nigeria.
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.
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.
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Education
University of Witwatersrand 2010
BSc (Hons) Actuarial Science
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)
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Employment Record:
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:
________________________________________________________________________
Name of Staff: Archibong Adekunle
Profession: Actuarial Analyst
Years with Firm/Entity: 3 months
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)
________________________________________________________________________
Employment Record:
________________________________________________________________________
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:
________________________________________________________________________
PARTNERS
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)
Email: ZZAFNigeria@aforbes.com