The National Pension Commission (PenCom) has granted Pension Fund Administrators (PFAs) a ‘one-off’ special approval to invest pension fund assets in the proposed Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE.
The approval was disclosed in a circular signed by the Director of the Surveillance Department at the Commission, A. M. Saleem. PenCom said the approval takes immediate effect.
According to the commission, the decision followed a careful evaluation of the strategic investment opportunity and the economic impact of the proposed IPO on both the pension industry and the wider Nigerian economy.
“The Commission has carefully evaluated the strategic investment opportunity and the economic impact of the proposed Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE (DPRP) on the pension industry and the wider economy.
“In light of these considerations, the Commission has reviewed the request for a special dispensation that would permit Pension Fund Administrators (PFAs) to invest pension fund assets in the IPO,” the circular stated.
