The National Pension Commission will soon come out with the names of Pension Fund Administrators that had successfully raised their minimum capital to N1billion.
PenCom, in a press statement issued by the Head, Communications Unit, Mr Emeka Onuora, stated that PFAs had submitted evidence of compliance with the minimum capital requirement, stressing that the commission had commenced the process of verifying the claims and will, within four weeks, issue a formal statement presenting the list of PFAs that have complied.
The statement further hinted that Crib Pension Fund Managers Limited and Evergreen Pensions Limited were in the process of being acquired by another PFA.
It would be recalled that Amana Capital Pensions Limited had since been acquired by Sigma Pensions Limited.
PenCom had on 31, May 2011, issued a circular on Minimum Capital Requirement for Licensed Pension Fund Administrators (PFAs).
The circular stipulated a minimum shareholders’ fund of N1 billion unimpaired by losses for PFAs and also prescribed a deadline of 30 June, 2012, for compliance.
The prescription of the N1 billion under the circular is to improve the business processes and service delivery of the PFAs. Furthermore, it is envisaged that the new minimum capital requirement would encourage healthy mergers which would ultimately promote stability in the pension industry.