Pension schemes in the private sector existing prior to the introduction of the Contributory Pension Scheme (CPS) in June, 2004 were allowed to continue as Closed Pension Fund Administrators (CPFAs), subject to guidelines issued by PenCom. The companies are required to have operated a fully funded existing pension scheme with assets of at least N500 million. A condition precedent on the issuance of a CPFA license is that the company must possess the requisite capacity for the management of pension fund assets and show that it had managed its pension scheme effectively for at least five (5) years prior to the commencement of the CPS.
The CPFAs operate mostly as Defined Benefits Schemes with a guarantee from the sponsor companies over any funding deficit. The Pension Reform Act, 2014 has foreclosed new entrants into the CPFAs. Commencing 1st July, 2014, all new employees of the sponsor companies are required to join the Contributory Pension Scheme (CPS) and open Retirement Savings Accounts (RSAs) with a PFA of their choice. In addition, an existing employee still reserves the right/option of pulling out of the CPFA to join the CPS.
Below are the Closed Pension Fund Administrators (CPFAs) in Nigeria.
Chevron Closed PFA Limited
MANAGING DIRECTOR: TAJUDEEN ABIMBOLA KARIM
Official Address: Deep Water Annex Building, 2 Chevron Drive, Lekki, Lagos
Phone: +234 1 2772222, Ext 68740, +234 1 2772222 (Fax)
Email: TKarim@chevron.com firstname.lastname@example.org/nigeria
Nestle Nigeria Trust Limited
MANAGING DIRECTOR: MUSIBAU MAKANJUOLA
Official Address: 22/24, Industrial Avenue, Illupeju, Lagos
Phone: +234 1 2798194 (DL) MD, +234 1 2798184, +234 1 2798188, +234 1 2715701 (Fax).
Email: email@example.com firstname.lastname@example.org
Nigerian Agip CPFA Limited
MANAGING DIRECTOR: IGHOJOVBE OGHENEKARO
Official Address: 1, Elsie Femi Pearse, Off Adeola Odeku Street, Victoria Island, Lagos.
Phone: +234 7034161327, +234 1 4603300 – 29
Progress Trust CPFA Limited
MANAGING DIRECTOR: MRS. JOY OJAKOVO
Official Address: No. 1, Abebe Village Road, Iganmu, Lagos
Phone: +234 1 5801340 – 9, +234 1 5852067 (Fax)
Email: email@example.com firstname.lastname@example.org
Shell Nig. Closed Pension Fund Administrator Ltd.
MANAGING DIRECTOR: AKEEB AKINOLA
Official Address: 1st Floor, C Wing, Bank of Industry Building, 23 Marina, Lagos.
Phone: +234 8070365632 (MD) +234 1 2601600, +234 1 2645435 – Fax, +234 1 2762023 – Fax
Email: email@example.com firstname.lastname@example.org
Total (E&P) Nigeria CPFA Limited
MANAGING DIRECTOR: IFEANYI ANI
Official Address: Plot 35, Kofo Abayomi Street, Victoria Island , Lagos
Phone: +234 1 27776230, +234 1 2776233
Email: email@example.com firstname.lastname@example.org