The National Pension Commission (PenCom) has extended the deadline for the recapitalisation of pension industry operators to June 2027, shifting it from the earlier December 2026 timeline.
The extension was disclosed on Thursday by the Director-General of PenCom, Ms Omolola Oloworaran, during the 2025 PenCom Media Conference held in Lagos. She dismissed speculations that the recapitalisation exercise had been suspended, stressing that the adjustment was aimed at providing operators with additional time to comply.
In September, PenCom had issued a revised minimum capital requirement (MCR), giving licensed pension fund operators 15 months to meet the new thresholds. In the circular announcing the revised MCR, the commission stated that “the timeline for compliance with the revised capital requirements for both licensed PFAs and PFCs shall be 31 December 2026.”
However, with the latest extension, operators now have an additional six months to meet the recapitalisation requirements.
Under the new directive, PenCom created three categories for pension fund administrators (PFAs). Category A comprises PFAs with assets under management (AUM) of N500bn and above, who are required to maintain a minimum capital of N20bn, plus one per cent of AUM above N500bn.
Category B includes PFAs with AUM below N500bn, who are required to raise their minimum capital base to N20bn.
Category C covers special-purpose PFAs, including NPF Pensions Limited, whose minimum capital requirement was pegged at N30bn, and the Nigerian University Pension Management Company Limited, whose minimum capital was fixed at N20bn.
PenCom said the recapitalisation exercise is intended to strengthen the financial resilience of pension operators, enhance governance standards and safeguard contributors’ funds.
