Finance · Nigeria
Obtain a Pension Fund Administrator licence (PENCOM)
License a PFA with the National Pension Commission under the Pension Reform Act 2014: incorporate a dedicated company → apply & deposit capital → Approval-in-Principle → operating licence.
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Who you will deal with
The steps
- Incorporate a dedicated company
- National Pension Commission (PENCOM)
- Incorporate an LLC/public company that EXCLUSIVELY manages pension funds (no other business) and can demonstrate technical/professional capacity.
- Certificate of Incorporation; technical capacity; management team
- Setup
- Apply and deposit capital
- National Pension Commission (PENCOM)
- Apply (Form APP/01/PFA) to the Director-General under the Pension Reform Act 2014 and deposit the minimum capital in escrow. Minimum capital for a new PFA is ₦20 billion.
- Application; escrow capital deposit; management CVs
- Application stage
- Approval-in-Principle (AIP)
- National Pension Commission (PENCOM)
- On meeting the requirements, PENCOM grants an Approval-in-Principle valid for 3 months.
- Met initial requirements
- AIP (3 months)
- Operating licence
- National Pension Commission (PENCOM)
- Within 3 months of AIP, pay the ₦5,000,000 non-refundable licence fee; on satisfying all requirements PENCOM issues the operating licence.
- Readiness to operate; ₦5m licence fee
- Within 3 months of AIP
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The numbers behind the decision
Knowing the process is half of it. ONYX also tracks the operating environment you are entering — daily grid generation, official FX, state-level input prices and inflation, and sector output — each figure source-linked and dated.