PenCom Raises Minimum Capital for PFAs and PFCs in Nigeria

The Nigerian Pension Commission (PenCom) has raised the minimum capital requirements for PFAs and PFCs, with PFAs now required to have a minimum capital base of 20 billion naira for new licenses and 500 billion naira for existing licenses. PFCs, on the other hand, must maintain a minimum capital base of 25 billion naira.

The new framework aims to strengthen the capital adequacy of pension asset managers and custodians in line with the evolving complexities of the pension industry in Nigeria. PenCom will monitor compliance every two years based on audit financial statements.