BY Victor Ahiuma-Young

ABUJA—NATIONAL Pension Commission, PenCom, yesterday, said it would, within the next four weeks, verify claims by Pension Fund Administrators, PFAs, that they had complied with the N1 billion new recapitalisation policy.  The deadline for PFAs to recapitalise was June 30.

This came as the commission said Crib Pension Fund Managers Limited and Evergreen Pensions Limited were in the process of being acquired by another PFA.

A statement by PenCom’s Head of Communication Unit, Mr. Emeka Onuora, said: “The circular on minimum capital requirements for licensed PFAs stipulated a minimum shareholders’ fund of N1 billion unimpaired by losses and also prescribed a deadline of 30 June for compliance.

“The prescription of the N1 billion is to improve the business processes and service delivery of the PFAs. Furthermore, it is envisaged that the new minimum capital requirement would encourage healthy mergers, which would ultimately promote stability in the pension industry.”

“The PFAs have submitted evidence of compliance with the minimum capital requirement and the commission has commenced the process of verifying the claims and will, within four weeks, issue a formal statement presenting the list of PFAs that have complied.

“Meanwhile, Crib Pension Fund Managers Limited and Evergreen Pensions Limited are in the process of being acquired by another PFA. It would be recalled that Amana Capital Pensions Limited had since been acquired by Sigma Pensions Limited.”