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REGULATION OF KEY PLAYERS IN THE NIGERIAN PENSION INDUSTRY: AN APPRAISAL OF SECTION 77 OF THE PENSION REFORM ACT 2014

The Nigerian pension industry stands as a critical pillar in the nation’s socio-economic landscape to ensure the financial security of millions of retired citizens. A key feature of the Nigerian Contributory Pension Scheme (“CPS”) that has aroused commendation is the bifurcation of the management and custody of pension funds between licensed Pension Funds Administrators (“PFAs”) and Pension Fund Custodians (“PFCs”), respectively.

FINANCING RENEWABLE ENERGY PROJECTS IN NIGERIA

As the name indicates, renewable energy refers to energy that is generated from natural sources which replenishes itself at a rate higher than the rate of consumption. They are also referred to as clean energy. Examples of this class of energy include solar energy, wind energy, geothermal energy, hydropower, and bioenergy. In contrast to renewable energy, fossil fuels are non-renewable sources of energy that are limited in nature and contribute to carbon emissions which harm the ozone layer.

RECAPITALIZATION OF COMMERCIAL BANKS: WHAT DOES THIS PORTEND FOR THE PENSION INDUSTRY?

RECAPITALIZATION OF COMMERCIAL BANKS: WHAT DOES THIS PORTEND FOR THE PENSION INDUSTRY?

Nigeria’s economic headwinds over the years have culminated in hyperinflation, macroeconomic variability, and instability in the exchange rate. As part of the approaches to tackle the economic instability bedevilling the country and bolster the country’s economy to be more resilient, solvent and in tune with the aspirations of the Federal Government of Nigeria , the Central Bank of Nigeria (“CBN”) issued a circular mandating commercial, merchant, and non-interest banks to shore up their capital base. This recapitalization exercise is backed by Section 9 of the Banks and Other Financial Institutions Act, 2020 (“BOFIA”) which empowers the apex bank to, from time to time determine the minimum paid-up share capital requirement of each category of licensed banks operating in Nigeria.