BY NGOZI ONYEAKUSI

 The National Pension Commission has granted Pension Fund Administrators special regulatory approval to invest pension assets in the planned Initial Public Offering of Dangote Petroleum Refinery & Petrochemicals FZE,

In a circular dated May 13, 2026 and addressed to all licensed pension fund operators, the commission said it reviewed requests for a special dispensation after evaluating the strategic importance and economic impact of the proposed IPO on both the pension industry and the wider Nigerian economy.

The commission stated, “Accordingly, the Commission hereby grants a special dispensation from Section 6.2.7.1 (iii) of the Revised Regulation on Investment of Pension Fund Assets. This dispensation involves waiving the applicable existence, profitability, and dividend requirements without prejudice to other extant regulatory safeguards.” PenCom said the decision was based on the refinery’s strategic importance, growth potential, and expected economic benefits. “In reaching its decision, the Commission considered DPRP’s strategic importance, strong fundamentals, wide-ranging economic benefits, and growth potential.