PENCOM lifts restrictions on Fund Administrators towards investment.

By Afolabi Oyekunle

The National Pension Commission,(PenCom) has lifted restrictions on Licensed Pension Fund Administrators, LPFAs) towards investing in commercial papers where capital market operators act as IPAs.

The Commission said this is to facilitate capital raising and ensure continued market stability.

.The National Pension Commission (PenCom) had through a circular on 23rd

October 2024 directed all Licensed Pension Fund Administrators (LPFAs) to suspend further investment in

commercial papers where capital market operators (non-banks) are

engaged as Issuing and Paying Agents (IPAs) due to the absence of rules

governing the issuance.

PenCom said its new directive is as a result of Stock Exchange Commission draft rules and an amendment

to rule 8 (Exemptions) to regulate the issuance of Commercial Papers by its

regulated entities.

PenCom DG Omolola Oloworaran

"SEC is addressing PenCom's concern about the role of nonbank IPAs in Commercial Paper transactions by bringing them within regulatory boundaries."

PenCom urged them to ensure that appropriate legal and financial due

diligence are undertaken on all Prospectus/Offer Documents of all

commercial papers prior to investment, according to section 2.9 of the Regulation on investment of Pension Fund Assets.

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