The National Pension Commission has moved the pension industry recapitalisation deadline to June 2027, extending it from December 2026. This was disclosed by the Director-General of PenCom, Ms Omolola Oloworaran, during the 2025 PenCom Media Conference on Thursday in Lagos, as she dismissed speculations that the recapitalisation exercise had been suspended. The PUNCH in September reported that licensed pension fund operators had 15 months to meet the revised minimum capital requirement issued by PenCom. In the circular announcing the new MCR, PenCom said, “The timeline for compliance with the revised capital requirements for both licensed PFAs and PFCs shall be 31 December 2026.” However, with this extension, operators have an extra six months to meet the MCR. Under the new directive, three categories were created. Category A consists of PFAs with Assets Under Management of N500bn and above, who are expected to have a minimum capital of N20bn + one per cent of AUM above N500bn. Category B comprises PFAs with AUM below N500bn, who must raise their capital base to N20bn. Those in Category C are special-purpose PFAs such as NPF Pensions Limited, whose minimum capital was pegged at N30bn, and the Nigerian University Pension Management Company Limited, whose minimum capital was fixed at N20bn

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