• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, July 18, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

20 PFAs meet deadline for N5bn minimum capital – PenCom

PenCom

The Matters Press by The Matters Press
April 30, 2022
Reading Time: 1 min read
0

Twenty Pension Fund Administrators (PFAs) met PenCom’s deadline to increase their Minimum Regulatory Capital (shareholders’ fund) from N1 billion to N5 billion by April 27.

RELATED POSTS

Befitting honour for former President Buhari commendable – TMSG

17-member committee for burial of Buhari

Lagos falls flat to APC

Pension Commission (PenCom) made the declaration in a statement it issued in Lagos on Friday.

In 2021, PenCom approved recapitalisation for PFAs, with a 12-month transition from April 27, 2021 to April 27, 2022.

The commission declared then that the recapitalisation was expedient as the value of pension fund assets under management and custody had grown exponentially.

The assets had grown by 244 per cent from N3 trillion in 2012 (when the previous recapitalisation was done), to N12.29 trillion (as at Dec. 31, 2020).

The sustained growth in assets implies greater fiduciary responsibilities that require more operational capacity by the PFAs.

There was also an urgent need to ramp up PFAs capacity to manage the increasing number of registered contributors and value of pension fund assets in their custody.

PenCom explained that 10 PFAs had met the new regulatory capital requirement of N5 billion as at Dec. 31, 2021, while the others intensified efforts to meet the April 27, 2022 deadline.

The commission stated that then exercise resulted in some mergers and acquisitions, which led to the reduction of the number of PFAs from 22 to 20.

“The commission approved the acquisition of AIICO Pension Managers Ltd. by FCMB Pensions Ltd. and the merger between Tangerine Pensions Ltd. and APT Pension Funds Managers Ltd.

“It also approved a subsequent change of name of the merged entities to Tangerine APT Pensions Limited.

“In addition, the commission approved Norrenberger’s acquisition of IEI-Anchor Pension Managers Ltd. after its acquisition of majority shareholding.

“With the conclusion of the recapitalisation, stakeholders, particularly Retirement Savings Accounts holders should expect increased effectiveness and efficiency as well as improved service delivery from PFAs,’’ PenCom stated.

Tags: PFA
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Befitting honour for former President Buhari commendable – TMSG
Economy/Technology

Befitting honour for former President Buhari commendable – TMSG

July 17, 2025
Buhari attends inauguration of Barrow of Gambia
Entertainment/sports

17-member committee for burial of Buhari

July 14, 2025
Lagos falls flat to APC
Economy/Technology

Lagos falls flat to APC

July 13, 2025
African intellectuals release letter to world, caution continent on selfness
Economy/Technology

Nigeria celebrates Soyinka at 91

July 13, 2025
China introduces new visa
Economy/Technology

Nigeria maintains issuance of 5-year visa to Americans

July 13, 2025
ADC, AN ASSEMBLAGE OF STRANGE BED FELLOWS, TIRED POLITICIANS– GROUP
Energy

ADC, AN ASSEMBLAGE OF STRANGE BED FELLOWS, TIRED POLITICIANS– GROUP

July 10, 2025
Next Post
Eswatini for $140m Afreximbank’s credit

Afreximbank’s Kanayo makes list of Nigeria’s “100 Leading Women”

IPMAN, NUPENG tango over illegal increase in petrol price

IPMAN supports clamp down on illegal refineries

Recommended Stories

Egypt’s economic strides excite AfDB

AfDB to support development of agricultural processing zones in Africa

December 4, 2020
Trading in Nigerian stock market dips further N83bn

Stock market drops by N95bn

August 20, 2022
Stakeholders brainstorm on Nigeria’s energy transition plan

$5b Africa Energy Bank takes off in January 2025

November 2, 2024

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Befitting honour for former President Buhari commendable – TMSG
  • 17-member committee for burial of Buhari
  • Lagos falls flat to APC

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us