FUG Pensions mandated by Nigerian UnityKapital 16 April 2012Nigeria Reporter: Georgina Lavers
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Nigerian insurance company UnityKapital has mandated FUG Pensions to act as its pension fund administrator.
The acquisition of FUG is to enable it meet the 30 June 2012 deadline for recapitalisation of pension fund administrators from N150 million to N1 billion.
The National Pension Commission (PenCom) has said it would revoke the operating licenses of administrators that fail to meet the deadline, insisting there would be no extension.
With this acquisition, UnityKapital Assurance plans to increase the shareholders’ fund of FUG Pension to N1 billion before the end of this month, ahead of the deadline, the company stated.
MD Kins Ekebuike said this acquisition is part of an overall strategic investment plan strengthen the hold of UnityKapital in Nigeria.
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