{"id":5593,"date":"2022-04-30T10:14:57","date_gmt":"2022-04-30T10:14:57","guid":{"rendered":"https:\/\/shalominvestment.com.ng\/admin\/?p=5593"},"modified":"2022-04-30T10:16:35","modified_gmt":"2022-04-30T10:16:35","slug":"20-pfas-meet-minimum-regulatory-capital-pencom","status":"publish","type":"post","link":"https:\/\/shalominvestment.com.ng\/admin\/20-pfas-meet-minimum-regulatory-capital-pencom\/","title":{"rendered":"20 PFAs meet N5 billion minimum regulatory capital \u2013 PenCom"},"content":{"rendered":"<h4>PenCom says the exercise resulted in some mergers and\u202facquisitions.<\/h4>\n<p>National Pension Commission (PenCom) has announced that up to 20 Pension Fund Administrators (PFAs) were able to meet the April 27 deadline for a Minimum Regulatory Capital (shareholders\u2019 fund) from N1 billion to N5 billion.<\/p>\n<p>This was disclosed by the commission in a statement on Friday, after it approved recapitalisation for PFAs, with a 12-month transition from April 27, 2021, to April 27, 2022.<\/p>\n<p>During the start of the year, PenCom had issued certificates of compliance to 207 organizations.<\/p>\n<p>&nbsp;<\/p>\n<h3><strong>What PenCom is saying<\/strong><\/h3>\n<p>The Commission revealed that assets had grown by 244 per cent from N3 trillion in 2012 (when the previous recapitalisation was done), to N12.29 trillion (as at Dec. 31, 2020), adding that sustained growth in assets signifies increased responsibilities that require more operational capacity by the PFAs.<\/p>\n<ul>\n<li>It stated,\u00a0<em>\u201c10 PFAs had met the new regulatory capital requirement of N5 billion as at Dec. 31, 2021, while the others intensified efforts to meet the April 27, 2022 deadline\u201d<\/em>\u00a0citing that the exercise resulted in some mergers and\u202facquisitions, which led to the reduction of the number of PFAs from 22 to 20.<\/li>\n<li>PenCom said\u00a0<em>\u201cThe commission approved the acquisition of AIICO Pension Managers Ltd. by FCMB Pensions Ltd. and the merger between Tangerine Pensions Ltd. and APT Pension Funds Managers Ltd.<\/em><\/li>\n<li><em>\u201cIt also approved a subsequent change of name of the merged entities to Tangerine APT Pensions Limited.<\/em><\/li>\n<li><em>\u201cIn addition, the commission approved Norrenberger\u2019s acquisition of IEI-Anchor Pension Managers Ltd. after its acquisition of majority shareholding.<\/em><\/li>\n<\/ul>\n<p>It added that the with the end of the recapitalization scheme, stakeholders, particularly Retirement Savings Accounts holders should expect increased effectiveness and efficiency as well as improved service delivery from PFAs.<\/p>\n<p>&nbsp;<\/p>\n<p><em>Culled from <a href=\"https:\/\/nairametrics.com\" target=\"_blank\" rel=\"noopener\"><strong>Nairametrics<\/strong><\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PenCom says the exercise resulted in some mergers and\u202facquisitions. National Pension Commission (PenCom) has announced that up to 20 Pension Fund Administrators (PFAs) were able to meet the April 27 deadline for a Minimum Regulatory Capital (shareholders\u2019 fund) from N1 billion to N5 billion. This was disclosed by the commission in a statement on Friday, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5594,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6],"tags":[86,87],"class_list":["post-5593","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-pencom","tag-pfas"],"acf":[],"_links":{"self":[{"href":"https:\/\/shalominvestment.com.ng\/admin\/wp-json\/wp\/v2\/posts\/5593","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/shalominvestment.com.ng\/admin\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shalominvestment.com.ng\/admin\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shalominvestment.com.ng\/admin\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/shalominvestment.com.ng\/admin\/wp-json\/wp\/v2\/comments?post=5593"}],"version-history":[{"count":1,"href":"https:\/\/shalominvestment.com.ng\/admin\/wp-json\/wp\/v2\/posts\/5593\/revisions"}],"predecessor-version":[{"id":5595,"href":"https:\/\/shalominvestment.com.ng\/admin\/wp-json\/wp\/v2\/posts\/5593\/revisions\/5595"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shalominvestment.com.ng\/admin\/wp-json\/wp\/v2\/media\/5594"}],"wp:attachment":[{"href":"https:\/\/shalominvestment.com.ng\/admin\/wp-json\/wp\/v2\/media?parent=5593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shalominvestment.com.ng\/admin\/wp-json\/wp\/v2\/categories?post=5593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shalominvestment.com.ng\/admin\/wp-json\/wp\/v2\/tags?post=5593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}