No fewer than four Pension Fund Administrators may go into merger and acquisition ahead of the April 2022 deadline stipulated for pension companies to raise their minimum capital from N1bn to N5bn, findings by The PUNCH have shown. The National Pension Commission had in a circular last year directed PFAs to raise their shareholders’ fund, giving them a 12-month transition period. The commission argued then that its oversight function had shown that the required minimum capital was no longer adequate to meet the operational expenses of the PFA business. Earlier, the commission had raised the minimum capital of the PFAs from N150m in 2011 to N1bn in 2012. The new capital base of N5bn has led many PFAs to consider merger and acquisition as the April 2022 deadline approaches. Findings from the commission on Monday revealed that PenCom had granted a “no objection” approval to Guaranty Trust Holding Company to acquire 100 per cent shareholding of Investment One Pension Managers Limited. Also, the commission was said to have also granted a “no objection” approval to FCMB Pensions Limited for the next phase of acquiring 60 per cent shareholding of AIICO Pension Managers Limited.