PENCOM Approves Closure of Chevron PFA, Assets Transfer to Stanbic, ARM

The National Pension Commission (PENCOM) has granted final approval for Chevron Nigeria Closed Pension Fund Administrator (CPFA), to exit the pension fund management business and transfer management of its pension fund assets to Stanbic IBTC Pension Managers Limited and ARM Pension Managers Limited.

Approval was also granted to Dangote Cement Plc Limited for the Dangote Cement Plc Staff Additional Benefits Scheme.

Analysis of the retirement savings account (RSA) registrations across pension fund administrators (PFAs) in the third quarter 2023, revealed that Stanbic IBTC continued to maintain the largest market share of 21% of new registrations with 19,528 contributors registered in Q3, followed by Access, which had 16% with 15,449 new contributors registered.

Leadway, ARM and Premium PFAs followed with 9%, 8%, 7% of the market share, in new registrations respectively. Consequently, the five (5) PFAs collectively held about 61% of the 94,633 RSAs registered in Q3:2023.