Nigeria’s pension industry remains highly concentrated, with five Pension Fund Administrators (PFAs) accounting for 47% (N11.58 trillion) of total assets under management (AUM) as of December 2024.
Nairametrics Research compiled these AUM figures from Money Counsellors, while the National Pension Commission’s (PenCom) latest report places the industry’s overall net asset value at N24.63 trillion.
At the time this report was compiled, PenCom’s updated data on AUM was still unavailable.
Stanbic IBTC Pension Managers Limited dominates the industry by a wide margin, holding N5.89 trillion (23.93% of total net asset).
AccessARM Pensions Limited follows with N2.66 trillion (10.80%). Combined, these two PFAs manage more than one-third of Nigeria’s total pension assets, underscoring a market where scale and brand strength heavily influence dominance.
In terms of Retirement Savings Account (RSA) contributions during December 2024, Stanbic IBTC also tops the chart with 2.21 million RSA contributions, while AccessARM secured 2.14 million RSA contributions further evidence of their leadership.
Leadway Pensure PFA Limited would move up to third place if its recently acquired Pensions Alliance Limited (PAL) AUM is consolidated. The merged entity would command N1.89 trillion in AUM (7.71% of total assets) and 1.34 million in RSA contributions. Without the merger, Leadway ranks fifth with N1.09 trillion by assets under management.
Below are the Top 5 PFAs by AUM as of December 2024.
- AUM: N1.09 trillion (4.43% of industry total asset)
- RSA Contributions (Q1 2025): 747,432
Leadway sits fifth but would leapfrog to third if PAL’s N502.66 billion in AUM and 614,091 RSA contributions are fully consolidated. This highlights the competitive implications of ongoing consolidation among mid-tier PFAs.
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Please do your research well. This is misleading, where is Trustfund Pensions on the list?