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Finance & capitalFinanceNigeria

Obtain a Pension Fund Administrator licence (PENCOM)

License a PFA with the National Pension Commission under the Pension Reform Act 2014: incorporate a dedicated company → apply & deposit capital → Approval-in-Principle → operating licence.

Procedure
4steps
Coordination
1agency
Category
Finance & capitalFinance
Task links

Go to the exact next page

Application, requirements, forms, fees, and tracking are labelled separately.

Form or guideOpen the official documentNational Pension Commission (PENCOM) · pencom.gov.ng
Routing map

Who you will deal with

National Pension Commission (PENCOM)
Procedure

The steps, in order

Each route below is scoped to the step it can actually complete.

  1. 01

    Incorporate a dedicated company

    Agency
    National Pension Commission (PENCOM)
    What is required
    Incorporate an LLC/public company that EXCLUSIVELY manages pension funds (no other business) and can demonstrate technical/professional capacity.
    Documents
    Certificate of Incorporation; technical capacity; management team
    Typical timeline
    Setup
    Use for this step
  2. 02

    Apply and deposit capital

    Agency
    National Pension Commission (PENCOM)
    What is required
    Apply (Form APP/01/PFA) to the Director-General under the Pension Reform Act 2014 and deposit the minimum capital in escrow. Minimum capital for a new PFA is ₦20 billion.
    Documents
    Application; escrow capital deposit; management CVs
    Typical timeline
    Application stage
    Use for this step
  3. 03

    Approval-in-Principle (AIP)

    Agency
    National Pension Commission (PENCOM)
    What is required
    On meeting the requirements, PENCOM grants an Approval-in-Principle valid for 3 months.
    Documents
    Met initial requirements
    Typical timeline
    AIP (3 months)
    Use for this step
  4. 04

    Operating licence

    Agency
    National Pension Commission (PENCOM)
    What is required
    Within 3 months of AIP, pay the ₦5,000,000 non-refundable licence fee; on satisfying all requirements PENCOM issues the operating licence.
    Documents
    Readiness to operate; ₦5m licence fee
    Typical timeline
    Within 3 months of AIP
    Use for this step
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