FORTIZ Private Equity Fund Limited
Fortiz Private Equity Fund Limited (the “Fund”) is a wholly-owned Ghanaian company incorporated in 2013 under the Companies Act, 1963 (Act 179), with 95.99% stake in Universal Merchant Bank (UMB). The Fund undertakes private equity investments in strategic sectors in Ghana and selected African countries. The Fund is a collaboration between FirstBanC Financial Services Ltd (General Partner) and other investors (Limited Partners). The Fund’s objective amongst others is to strategically invest in distressed companies, restructure and revamp them in order to generate long-term value and profitability. The portfolio assets may consist of companies in any of the six designated sectors: financial, real estate, insurance, education, manufacturing and health care. The investment in UMB is the first in the financial industry in line with their strategy.
Social Security and National Insurance Trust
The Social Security and National Insurance Trust (SSNIT) is a statutory public Trust charged under the National Pensions Act 2008 Act 766 with the administration of Ghana’s Basic National Social Security Pension Scheme and to cater for the first tier of the contributory three-tier scheme. The Trust is currently the largest non-bank financial institution in the country.
The primary responsibility is to replace part of lost income of Ghanaian workers or their dependants due to old age, invalidity, or loss of life. The Pension Scheme as administered by SSNIT has a registered membership of approximately one million with over 110,000 pensioners who regularly receive their monthly pensions from SSNIT. The annual absolute growth of pensioners is over 7,000.
Act 766 makes provision for a contributory 3-Tier Pension Scheme; the establishment of a National Pensions Regulatory Authority (NPRA) to oversee the administration and management of registered pension schemes and trustees of registered schemes. Under the Act, Social Security and National Insurance Trust is to manage the basic National Social Security Scheme referred to as the 1st Tier. SSNIT has a 3.59% stake in Universal Merchant Bank.
SIC Life Company
The SIC Life Company originally existed as the Life Division of the reputable multi-line insurer, the State Insurance Company of Ghana Limited (SIC). SIC has been in operation since 1962 when it was registered as a Public Corporation. In 1995 it was converted into a public limited liability company as part of the Government of Ghana’s initiative to divest part of its shareholding in all State corporations.
In compliance with the Insurance Law 2006, Act 724, the Life Division of the reputable State Insurance Company of Ghana Limited (SIC) became SIC LIFE COMPANY LIMITED (SIC Life) in 2007.
Currently, SIC LIFE is the largest and most reputable insurance company in Ghana controlling the largest share of the insurance market for both Life and Non-Life Insurance business lines.
The Company is the leader in the Life Insurance industry in terms of key performance indicators such as capital base, shareholders’ fund, total assets, profitability and market share.
With its solid financial base, coupled with highly motivated and experienced human resource, SIC Life is well positioned to maintain its dominance of the Life Insurance Market through prudent management and sound technical practices.
SIC Life enjoys a favourable image within the Life Insurance industry both locally and internationally. SIC Life has a wide network of Area and Branch Offices throughout the country. It also has a large Agency Force whose focus is to respond professionally to the varying needs of the insuring public. SIC Life has a 0.42 % stake in Universal Merchant Bank.