PenCom to recapitalize two PFAS

Channels Television  
Updated July 5, 2012

The National Pensions Commission (PENCOM) has announced plans to recapitalize two Pensions Fund Administrators (PFAs) following their failure to meet up with the June 2012 recapitalisation deadline.

Speaking after an interactive session with members of the House of Representatives Committee on Pensions in Abuja on Thursday, the Director General of the Commission, Mr Muhammed Ahmad named CRIB Pension Fund Managers Limited and Evergreen Pensions Limited as the two pension’s managers that failed to meet the N1billion naira new minimum capital requirement for all pension fund managers.

He said that new plan will help ensure better service delivery as well as improve the business processes of the administrators.

According to Mr Ahmad, 21 pension fund managers have submitted evidence of compliance to the new capital requirement, adding that the commission will commence the process of verifying the claims and would submit its report next month.

On his part, the chairman of the House of Representatives Committee on Pensions, Honourable Ibrahim Kamba  refuted claims in some quarters that the house of representatives is not  in disagreement with the report of the Senate ad-hoc Committee on Pensions.