Friday, April 30, 2021, 5:49AM / by National Pension Commission / Header Image Credit: National Pension Commission
The Board of the Commission, at its 48th Meeting on 27April 2021, approved the increase of the Minimum Regulatory Capital(Shareholders' Fund) requirement for PFAs, from the current One Billion Naira(N1,000,00,000) to Five Billion Naira (N5,000,000,000), unimpaired by losses.
The increase in the minimum regulatory capital isnecessitated by the need to improve the capacity of PFAs, in terms ofoperational efficiency and effectiveness as well as service delivery.
The Board also approved a 12-month transition period,effective 27 April 2021, within which PFAs are to meet the new minimum capitalrequirement.
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