Barbara Bako, Abuja.
The National Pension Commission has granted Pension Fund Administrators regulatory forbearance to invest pension assets in the proposed Initial Public Offering of Dangote Petroleum Refinery & Petrochemicals FZE, waiving key eligibility requirements under existing pension investment regulations.
In a circular dated May 13, 2026, PenCom said it approved a special dispensation exempting the refinery’s IPO from provisions relating to minimum years of existence, profitability and dividend payment history contained in the Revised Regulation on Investment of Pension Fund Assets.
The commission said the decision followed its assessment of the refinery’s strategic importance to Nigeria’s economy, growth prospects and the track record of Dangote Industries Limited, the majority shareholder in the refinery project.
According to the circular signed by A.M. Saleem, Director of the Surveillance Department, the approval would allow Pension Fund Administrators to participate in the planned public offer, subject to their internal investment guidelines and risk management frameworks.
PenCom noted that PFAs must ensure any investment made under the dispensation aligns with their fiduciary responsibilities to contributors and retirees.
The commission described the approval as “exceptional, one-off, and strictly case-specific” to the Dangote Refinery IPO, stressing that it should not be interpreted as a precedent for future public offerings or investment transactions.
The circular took immediate effect.
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