News
PenCom Unveils Non-interest Fund Structure
The National Pension Commission (PenCom) has announced that it has introduced a Non-Interest Fund (Fund VI) into it existing four different investment fund structures.
The Commission, also said it has already issued an Operational Framework for the Fund.
PenCom, which disclosed this in a recent circular to the general public said this was in furtherance of the implementation of the Multi-Fund Investment Structure, which sought to provide investment portfolio choices to pension contributors and retirees.
The commission said the Non-Interest fund is a fund that complies with the provisions of Islamic Commercial Jurisprudence and any other established non-interest principles, as approved by the Financial Regulation Advisory Council of Experts (FRACE) or any other body constituted by the Central Bank of Nigeria and the Securities and Exchange Commission, from time to time.
“The FRACE, has certified that the operational framework issued by the commission complies with non-interest (Shari’ah) finance principles. ”All Pension Fund Administrators (PFAs) are required to create and maintain the Non-Interest Fund (Fund VI) for interested Retirement Savings Account (RSA) holders. The Fund shall be separated into two funds for Active RSA holders and Retirees respectively, “the commission stated.
It said RSA holders in Fund I, II, III and retirees in Fund IV are eligible to move their RSA contributions to the Non-Interest Fund (Fund VI) by making a formal request to the PFA, in line with the provisions of the RSA Multi-fund Implementation Guidelines and Section 7.6 of the investment regulation dealing with transfers between fund types within a PFA.
According to the commission, the Non-Interest Fund offers a viable alternative to the conventional interest-based financial instruments for pension funds investment. It said Further information on the Non-interest fund (Fund VI) can be obtained from the Commission’s website at: www.pencom.gov.ng as well as the various Pension Fund Administrators (PFAs).
PenCom had in 2018, introduced what it tagged RSA Multi-Fund Structure into its investment structure.
These include fund 1, fund 2, Fund 3 and fund 4 which is retirees fund.
The structure according to the commission involves the creation of multiple Retirement Savings Account, RSA Funds, with respective assets allocation, made to fit into the different demographic (age) profiles and risk appetites of registered contributors.
It said it would introduce fund five which it said would be non interest in its nature.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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