Business
PENCOM Begins Verification Of PFAs
The National Pension Commission (NPC) said that it had commenced the process of verifying Pension Fund Administrators (PFAs) that had met the commission’s newly-prescribed one billion naira minimum shareholders’ fund.
It will be recalled that the NPC issued a circular on May 3 last year, requiring all PFAs licensed by it to meet the minimum capital requirement.
The circular had stipulated a minimum shareholders’ fund of one billion naira, unimpaired by loses for the PFAs and prescribed June 30, 2012 as deadline for compliance.
This was contained in a statement signed by Mr Emeka Onuoha, Head, Communications Unit of the NPC on Tuesday in Lagos.
The statement said that the one billion naira recommendation was to improve the business processes and service delivery of the PFAs.
The commission said it was also envisaged that the new minimum capital requirement would encourage healthy mergers which would promote stability in the pension industry.
“The PFAs have submitted evidence of compliance with the minimum capital requirement. Within four weeks, the NPC will issue a release presenting the list of PFAs that have complied,’’ the statement said.
Meanwhile, the statement hinted that Crib Pension Fund Managers Ltd. and Evergreen Pensions Ltd. are in the process of being acquired by an undisclosed PFA.
It added that Amana Capital Pensions Ltd has already been acquired by Sigma Pension Ltd.