Business
Five PFAs control pension market, account for 54% of new RSAs
•States still foot-dragging on CPS implementation
By Rosemary Iwunze
Five Pension Fund Administrators, PFAs, out of 18 licensed operators accounted for 54.41 per cent of new Retirement Savings Account, RSA, registrations in the first quarter of 2026, Q1’26, indicating continued concentration in Nigeria’s pension market.
According to the Q1’26 industry report released by the National Pension Commission, PenCom, Stanbic IBTC Pension Managers led the market, accounting for 17.47 per cent of new RSA registrations during the quarter.
AccessARM Pension Managers followed with 10.63 per cent, while FCMB Pensions recorded 10.15 per cent. TangerineAPT accounted for 9.65 per cent, with Trustfund Pension closing the top five with 6.73 per cent.
The remaining 13 firms control about 45.6 percent of the market.
However, PenCom said the combined share of the five leading PFAs represented a decline from the 62.11 per cent recorded in Q4’25, although market concentration remained high.
The Commission stated: “The top five Pension Fund Administrators accounted for 54.41 per cent of new RSA registrations in the quarter, and Stanbic IBTC alone accounted for 17.47 per cent. The figure is a mild reduction on the 62.11 per cent seen in Q4’25, but concentration remains elevated.”
It added that competition was intensifying among mid-tier operators, with TangerineAPT’s entry into the top five suggesting that the competitive landscape was evolving.
“Competition is intensifying in the mid-tier, and TangerineAPT’s emergence into the top five is a signal that the market is not settled. Concentration is not in itself a stability risk, but it raises questions of competitive intensity in the lower tier of the market,” PenCom noted.
States still foot-dragging on CPS implementation
Meanwhile, the report revealed that only eight states had fully complied with the Contributory Pension Scheme, CPS, having enacted the necessary legislation and commenced implementation through licensed PFAs.
PenCom said a further 17 states had enacted pension laws but were yet to commence implementation, making them a major focus of the Commission’s engagement in 2026.
The Commission noted that Kano State remained an exception, as it continues to hold its pension funds with commercial banks rather than under a licensed PFA, requiring a separate regulatory pathway.
According to PenCom, the 17 states that have enacted pension legislation but are yet to commence implementation represent a major opportunity to expand pension coverage.
“With the legal framework already in place, attention will be directed towards supporting the states and PFAs with the necessary guidance and engagement to facilitate the transition from legislation to effective implementation and expanded pension coverage,” the Commission stated.
The development comes as PenCom intensifies efforts to deepen pension coverage across the country, particularly by moving states that have established the legal framework for the CPS from legislation to actual implementation.
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