The number of Pension Fund Administrators will not be same 22 as they are currently when the new capital limit commences April 2022. This is because up and until early December National Pension Commission has ticked about 11 PFAs as concluded or almost done with the new N5bn, and several mergers talks ongoing to attain same.
The Commission’s head, surveillance department, Ehimeme Ohioma, disclosed this at the annual Pension Fund Operators of Nigeria media parley in Lagos where he said the new capital limit will improve operational efficiency, financial stability and the right capacity to hire high calibre staff.
Ohioma also said the new capital phase has attracted investors into the pension industry and thereby making it highly competitive; this trend is spinning the mergers and acquisitions that are being tidied up before the April2022 deadline.
He also cleared that the present capital raise approved by the PenCom board April this year, is the third wave. The first wave was the N150 million establishing capital set in the repealed Pension Reform Act 2004, followed by the second wave of capital hike to N1bn in 2011,and now, the third a first time N5bn which comes into effect April 2022.
Ohioma said the Commission is not expecting PFAs to fail to comply with the deadline of the new capital, assuring that by April the clear picture of how the PFAs stand will emerge.
