PenCom Sets Deadline for PFAs and PFCs to Recapitalize to N20bn, Industry Strengthening Efforts
The National Pension Commission (PenCom) has set a deadline of December 31, 2026, for Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) in Nigeria to recapitalize to a new threshold of N20 billion. This directive, outlined in a circular issued by PenCom, requires PFAs to increase their capital from N5 billion to N20 billion within 14 months, while PFCs must raise their capital to N25 billion.
The move aims to strengthen the pension industry by enhancing the financial capacity of PFAs and PFCs to effectively manage pension funds. The revised minimum capital requirements align with the Pension Reforms Act of 2014 and reflect the industry's growth and evolving needs.
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