Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Markets Fixed Income Funds Management

PenCom says 10 out of 22 PFAs met N5 billion regulatory requirement

Zainab Iwayemi by Zainab Iwayemi
December 11, 2021
in Funds Management
This is why you should make voluntary contributions to your pension fund, The Pension Transfer Window – Who holds the Joker?
Share on FacebookShare on TwitterShare on Linkedin

The National Pension Commission, PenCom, has said that 10 out of 22 PFAs in Nigeria have met the N5 billion requirement by the pension industry regulator.

This was disclosed by Ehimeme Ohioma, Head, Surveillance, PenCom in an interview on the sidelines of the 2021 media parley organised by the Pension Fund Operators Association of Nigeria (PenOp) with the theme: Micro Pension – Challenges and Opportunities.

According to NAN, Ohioma opined that the recapitalization exercise is important to consolidate the PFAs in Nigeria.

RelatedPosts

Bad week for Nigerian ETFs as market capitalization drops to N7.48 billion

Pension Funds in Nigeria invest N1 trillion in Nigerian Stocks

What the PenCom official is saying

Ohioma said that the objective of the recapitalisation was to improve the financial stability and operational efficiency in the industry, whilst also explaining that the directive was right, as the last recapitalisation in the industry was done in 2011.

Here are some of his statements, “This is the second recapitalisation done in the industry since the inception of the current Contributory Pension Scheme (CPS). It is obvious that the industry has grown, assets and contributions have increased.

“There is a need for this. They need to retain the real skilled workers. We need to attract talent. There is a need for digitalization. This will cost money too and ensure efficiency, especially with the COVID-19.

“There has been ongoing consolidation within the industry, so we do not expect any challenges in the industry, as regards the recapitalization. On or before February 2022, we expect a picture of what the industry is going to look like before the April deadline.”

What you should know

  • Nairametrics reported last month that the National Pension Commission, PenCom, revealed that the total membership of the pension scheme increased by 3.6% from 8.95 million in December 2019 to 9.3 million in December 2020.
  • PenCom had recently directed PFAs to increase their minimum share capital base from the existing N1 billion to N5billion by April 12, 2022.

Related

Tags: pencomPFAs

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Mega Millions
Hot forex
Cornerstone
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • How FoodCo surmounted challenges to become Nigeria’s fastest-growing retailer
    • Here are 3 risk factors affecting airlines globally in 2022
    • Suspension of trading: C&I Leasing blames multiple regulators for default in Audited Financial Statements

    Follow us on social media:

    Recent News

    How FoodCo surmounted challenges to become Nigeria’s fastest-growing retailer

    How FoodCo surmounted challenges to become Nigeria’s fastest-growing retailer

    July 4, 2022
    Aviation, Airline operators will pay $3,500 per passenger if they break protocols – PTF COVID-19, Global Air passenger slump to persists til 2023- Moody’s 2023- Moody’s

    Here are 3 risk factors affecting airlines globally in 2022

    July 4, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com