By Rosemary Iwunze
The National Pension Commission (PenCom) has threatened to sanction Pension Fund Administrators (PFAs) that fail to meet prescribed targets under the ongoing Retirement Savings Account (RSA) data recapture exercise.
PenCom, in its first-quarter 2026 report, disclosed that only 17.03 per cent of the industry’s legacy RSA holders had completed the mandatory data recapture exercise.
According to the report, 58,220 RSAs were recaptured during the quarter, bringing the cumulative number of recaptured accounts to 1,485,052 out of an estimated 8,722,609 legacy accounts.
The Commission warned that, at the current rate, completing the outstanding recapture exercise would take more than 25 quarters.
It therefore said the exercise must move from being PFA-driven to a Commission-led process, with quarterly targets and performance reports to be introduced.
“PenCom will introduce PFA-level quarterly recapture targets, publish quarterly progress reports, and impose regulatory sanctions on operators that materially under-perform against target during 2026,” it stated.
Norrenberger Pensions led the industry during the first quarter with 17,157 recaptures, representing 29.47 per cent of total Q1’26 activity.
Stanbic IBTC followed with 10,963 recaptures, while Veritas Glanvills recorded 6,328.
Guaranty Trust Pensions and FCMB Pensions completed the top five with 3,918 and 3,888 recaptures respectively.
The data recapture exercise, introduced by PenCom in August 2019, requires RSA holders to update and validate their personal and biometric information with their PFAs.
Meanwhile, PenCom said Katsina State’s amendment of its pension law to adopt the Contributory Pension Scheme (CPS) increased the number of states with CPS legislation to 25 from 24.
Eight states are fully compliant, having enacted the required legislation and commenced implementation through licensed PFAs, while 17 others have enacted legislation but are yet to commence implementation.
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