10 Pension Fund Administrators met N5bn Minimum Share Capital – PenCom
The National Pension Commission, PenCom, said on Friday that about 10 Pension Fund Administrators, PFAs, had reached or exceeded the minimum capital base of N5 billion specified by the commission.
Ehimeme Ohioma, PenCom’s Head of Surveillance, said this in an interview with the Nigerian News Agency in Lagos. He spoke on the sidelines of the 2021 media parliament hosted by the Nigerian Association of Pension Fund Operators, PenOp, on the topic: Micro Pensions – Challenges and Opportunities.
PenCom had recently directed PFAs to increase their minimum share capital base from the existing N1 billion to N5 billion by April 12, 2022.
Ohioma said the goal of the recapitalization was to improve financial stability and operational efficiency in the industry. He explained that the directive was right, as the last recapitalization of the industry took place in 2011.
He said, “This is the second recapitalization carried out in the industry since the beginning of the current Contributory Pension Plan (CPS). It is obvious that the industry has grown, the assets and the contribution have increased.”
“There is a need for this. They need to retain the true skilled workers. We need to attract talent. There is a need for digitization. This will also cost money and ensure efficiency, especially with COVID-19.”
“There has been continued consolidation within the industry, so we do not expect any challenges in the industry, when it comes to recapitalization.”
“In February 2022 or sooner, we expect a picture of what the industry will look like before the April deadline,” he said.
Source: NAN
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