Nigeria’s pension business stays extremely concentrated, with 5 Pension Fund Directors (PFAs) accounting for 47% (N11.58 trillion) of whole belongings underneath administration (AUM) as of August 2025.
Nairametrics Analysis compiled these AUM figures from Cash Counsellors, whereas the Nationwide Pension Fee’s (PenCom) newest report locations the business’s general internet asset worth at N24.63 trillion.
Stanbic IBTC Pension Managers Restricted dominates the business by a large margin, holding N5.89 trillion (23.93% of whole internet belongings). AccessARM Pensions Restricted follows with N2.66 trillion (10.80%). Mixed, these two PFAs handle greater than one-third of Nigeria’s whole pension belongings, underscoring a market the place scale and model energy closely affect dominance.
When it comes to Retirement Financial savings Account (RSA) contributions throughout August 2025, Stanbic IBTC additionally tops the chart with 2.09 million RSA contributions, whereas AccessARM secured 1.13 million RSA contributions, additional proof of their management.
Leadway Pensure PFA Restricted would transfer as much as third place if its just lately acquired Pensions Alliance Restricted (PAL) AUM is consolidated. The merged entity would command N1.31 trillion in AUM (5.32% of whole belongings) and 1.34 million in RSA contributions. With out the merger, Leadway ranks fifth with N808.75 billion by belongings underneath administration.
Beneath are the High 5 PFAs by AUM.
- AUM: N808.75 billion (3.28% of business whole belongings)
- RSA Contributions: 721,316
Leadway sits fifth however would leapfrog to 3rd if PAL’s N502.66 billion in AUM and 614,091 RSA contributions are absolutely consolidated. This highlights the aggressive implications of ongoing consolidation amongst mid-tier PFAs.
