FRI MAY 15 2026-theGBJournal| The National Pension Commission (PenCom) has issued a special ”one-off” waiver permitting Pension Fund Administrators (PFAs) to invest pension fund assets in the forthcoming Dangote Refinery and Petrochemicals FZE (DPRP) Initial Public Offer (IPO).
PenCom said in a circular dated 13 May 2026, seen by the G&BJournal, that in reaching its decision, it considered DPRP’s strategic importance, strong fundamentals, and the wide-ranging economic benefits, and the growth potential, as well as the record of Dangote Industries Limited, DPRP’s majority shareholder.
The Commission also noted the strategic investment opportunity, and the economic impact of the proposed IPO on the wider economy and on the pension industry in reaching its decision.
”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 Commission said in the circular signed its Director, Surveillance Department, A. M Saleem.
PenCom relied on Section 6.2.7.1 (iii) of the Revised Regulation on Investment of Pension Fund Assets to grant the special dispensation.
”This dispensation involves waiving the applicable existence, profitability, and dividend requirements without prejudice to other extent regulatory safeguards,” PenCom emphasized.
PenCom urged PFAs to ensure that all investments made under ”this dispensation are undertaken in line with their internal investment policies, risk management frameworks, and fiduciary duties to contributors and retirees.”
For further emphasis, PenCom said; ”The regulatory forbearance granted under this circular is exceptional, one-off, and strictly case-specific to the Initial Public Offering of Dangote Refinery and Petrochemicals FZE.
It shall not constitute an automatic precedent for future Initial Public Offerings or other investment transactions. This circular takes immediate effect.”
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