Parthian Pensions confident of meeting Dec 2026 recapitalisation deadline

Newly licensed Pension Fund Administrator, Parthian Pensions has expressed confidence in meeting the fresh minimum recapitalisation requirement imposed by the National Pension Commission.

This was disclosed at the media parley organised by the PFA at its Lagos office.

In September, the National Pension Commission increased the minimum capital requirements of Pension Fund Administrators and Pension Fund Custodians to N20bn and N25bn, respectively, with a deadline of December 31, 2026, to meet the new capital requirements.

Oluseye Olusoga, the Group Managing Director of Parthian Partners, parent company of Parthian Pensions, said, “We would actually capitalise the business way beyond the capitalisation due date. We are fully committed to this industry, and if there are opportunities for mergers and acquisitions, we will consider all of them. But by and large, we’re very confident that we’ve made the capitalisation, and we would actually capitalise well beyond or well before the date by the regulator.

“We’re committed to doing it way before the December 2026 deadline, and we’ll do that as a show of confidence to make sure that the market sees that we are 100 per cent committed to that, and that will probably come from internally, within the group.”

Olusoga added that the organisation’s commitment to the development of Nigeria motivated the establishment of Parthian Pensions. “We truly believe that Parthian is going to play a vital role in developing Nigeria and in developing Africa as a whole. And part of this includes what I call capital formation or capital aggregation, and I do think that you can’t talk about capital formation and capital aggregation without whether it’s a pension industry or the asset management industry, and I think that there’s no better time to join the pension industry than now, particularly with the fact that the regulator has softened some of the rules around it in terms of what can be invested in, giving the pension industry a lot more to do and to be able to protect people’s pensions from inflation and get a lot of value because now you have a wider range of products to invest in.

“It shows our commitment to Nigeria in terms of creating new jobs, investing in people, investing in the country, and investing in the financial services space. We are not extractors. We are investors. Investors in Nigeria’s future, investors in Nigeria’s growth, investors in Nigeria’s people. And for us to do what it is that we are trying to do, it requires a lot of talent and investment in people in the sense that we are trying to create world-class people who can compete anywhere in the world to do the job or do the things that they currently do. And I think that’s one of the great things about Parthian Pension: it creates opportunities for Nigerians, or Nigeria, and we plan to be at the forefront of development over the next couple of years and decades to come.”

The Managing Director, Femi Odukoya, speaking on the recapitalisation process, said that the directive of PenCom was expected, given the ongoing recapitalisation in other segments of the financial services market.

“We are aware of how the banking sector is undergoing it. Naturally, everybody in financial services automatically knows that it’s coming to touch you very soon,” he said.