Nigeria’s pension industry sustained its upward trajectory in July 2025, posting positive returns across all Retirement Savings Account (RSA) fund categories, despite a challenging macroeconomic environment and tighter financial conditions.
According to data compiled by Nairametrics Research, all 18 licensed Pension Fund Administrators (PFAs) recorded gains for the month, with FCMB Pensions Limited emerging as the top performer. The PFA delivered an average monthly return of 5.68%, buoyed by robust performance across all RSA fund types. Overall, the pension system’s average fund growth stood at 4.20%, further reinforcing confidence in the resilience of Nigeria’s contributory pension scheme.
RSA Fund Category Performance
The strongest gains in July were recorded in RSA Fund I, the high-risk, high-return category, which posted an average return of 6.30% on the back of increased exposure to variable income instruments.
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RSA Fund II (default fund for contributors under 50) delivered a 5.33% average return.
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RSA Fund III (targeted at pre-retirees aged 50+) recorded a 2.06% gain.
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RSA Fund IV (the most conservative category for retirees) returned 1.47%, consistent with its low-risk structure.
Top Performing PFAs
Based on average returns across all RSA fund categories, the leading PFAs in July were:
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FCMB Pensions Limited – 5.68% average return, including 7.29% in RSA Fund II and 4.23% in RSA Fund III.
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Pensions Alliance Limited – 5.62% average return, with notable 8.89% in RSA Fund I and 7.28% in RSA Fund II.
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Trustfund Pensions Plc – 5.48% average return, including a standout 9.37% gain in RSA Fund I — the highest recorded in any category.
Other notable performers included:
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Crusader Sterling Pensions Limited – 5.32% average return, topping RSA Fund III with 5.32% and achieving 6.89% in RSA Fund II.
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Tangerine Apt Pensions – 5.07% average return, including 9.10% in RSA Fund I and 6.23% in RSA Fund II.
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AccessARM Pensions – 4.99% average return, with 8.01% in RSA Fund I and 5.78% in RSA Fund II.
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Leadway Pensure PFA Limited – 4.68% average return, boosted by 6.80% in RSA Fund I and 6.45% in RSA Fund II.
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Fidelity Pension Managers Limited – 4.56% average return, delivering consistent results across all fund categories.
Fund Category Leaders – July 2025
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RSA Fund I: Trustfund Pensions Plc (9.37%), Tangerine Apt Pensions (9.10%), FCMB Pensions Limited (8.90%). Lowest return: NLPC Pension Fund Administrators Limited (1.18%).
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RSA Fund II: FCMB Pensions Limited (7.29%), Pensions Alliance Limited (7.28%), Crusader Sterling Pensions (6.89%).
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RSA Fund III: Crusader Sterling Pensions (5.32%), FCMB Pensions Limited (4.23%), Pensions Alliance Limited (3.95%).
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RSA Fund IV: Crusader Sterling Pensions (2.88%), Trustfund Pensions Plc (2.58%), AccessARM (2.48%).
Pension Assets and Allocation
As of June 2025, Nigeria’s total pension fund assets stood at ₦24.63 trillion, according to the National Pension Commission (PenCom) — a 2.17% rise from ₦24.11 trillion in May. Federal Government of Nigeria (FGN) securities remain the dominant asset class, representing 61.65% of total assets (₦15.19 trillion). Corporate debt securities and money market instruments accounted for 9.19% and 9.08%, respectively.
Investments in domestic equities grew to ₦3.08 trillion (12.51% of total assets), while mutual fund holdings stood at ₦183.82 billion (0.75%).
RSA Registrations and Distribution
Total RSA registrations reached 10.79 million by June 2025, representing 4.01% year-on-year growth. RSA Fund II remains the largest by Net Asset Value (NAV) at ₦10.29 trillion (41.81% of total assets). RSA Fund III expanded to ₦6.39 trillion, while RSA Fund IV for retirees grew 2.14% month-on-month to ₦1.83 trillion.
CREDIT: NAIRAMETRICS
