The National Insurance Commission (PenCom) has commenced an exercise to verify claims of recapitalisation by the Pension Fund Administrators (PFAs) following the expiration of the June 30, 2012 deadline.
The Commission, which gave a timeline of four weeks for completion of the verification, said it would come out with the list of recapitalised PFAs after the exercise.
However, despite the expiration of the deadline, the commission said that Crib Pension Fund Managers Limited and Evergreen Pensions Limited were in the process of being acquired by another PFA.
Recall that before now, three PFAs namely Amana Capital Pension Limited, Oak Pension Limited and First Alliance Pension Limited were acquired by Sigma Pension, Crib Pension Managers Limited and ARM Pension Limited respectively.
PenCom, in a statement issued yesterday in Abuja, revealed that the PFAs have submitted evidence of compliance with the prescribed N1 billion minimum capital requirement, however, it needs to verify their claims to ensure they are true.
Recall also that Amana Capital Pensions Limited had since been acquired by Sigma Pensions Limited.
“Within four weeks we will issue a formal statement presenting the list of PFAs that have complied,” read the statement signed by PenCom’s Head Communications Unit, Emeka Onuora.
The Commission, on May 31, 2011 stipulated a minimum shareholders’ fund of N1 billion unimpaired by losses for PFAs and also prescribed a deadline of 30 June, 2012 for compliance.
The prescription of the N1 billion under the circular was to improve the business processes and service delivery of the PFAs. Furthermore, it was envisaged that the new minimum capital requirement would encourage healthy mergers which would ultimately promote stability in the pension industry.