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From Adana Nnamani, Abuja
The National Pension Commission (PenCom) has abolished the requirement for Pension Fund Administrators (PFAs) to obtain prior written approval before releasing advertisements and marketing campaign materials.
The new directive was contained in a circular dated May 8, 2026, and signed by the Director of the Surveillance Department, Abdulrahman Saleem.
According to the Commission, the policy takes immediate effect and replaces Section 6.3.1 of the Guidelines for the Operations of Pension Fund Administrators, which previously required PFAs to secure written approval before advertising or promoting their products and services.
PenCom said the decision was aimed at promoting operational efficiency, reducing bureaucratic delays and enabling quicker dissemination of information to potential clients.
The Commission stated that although prior approval is no longer mandatory, PFAs are still required to notify PenCom before deploying advertisements across broadcast, print, digital and outdoor media platforms.
“In furtherance of the Commission’s commitment to promoting operational efficiency, reduce bureaucratic delays, and quicker dissemination of information by PFAs to their potential clients, the Commission deems it necessary to allow PFAs to henceforth release their advertisement and media campaign materials without the prior approval of the Commission,” the circular stated.
PenCom, however, outlined strict compliance conditions that operators must meet before releasing promotional materials.
Under the new framework, PFAs are required to disclose the duration and timelines of advertisements and submit copies of creative materials before publication.
The Commission also directed operators to clearly define the target audience for each campaign and provide evidence of internal clearance from their Legal and Compliance departments.
It further stated that pension products or services being advertised must already have PenCom’s approval before they can be promoted to the public.
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Despite relaxing the approval process, PenCom stressed that regulatory oversight remains fully in force.
The Commission warned that all advertising materials must be factual, verifiable and compliant with the Nigeria Data Protection Act (NDPA) 2023 as well as the Pension Reform Act 2014.
PenCom also prohibited the use of lotteries, prize draws and other inducements in pension advertisements.
In addition, the Commission banned misleading claims, unaudited financial references and deceptive fee disclosures in promotional campaigns.
PFAs were equally warned against using government symbols, public figures or institutional assets without proper authorisation.
The circular further directed pension operators to register slogans, taglines and promotional phrases with the national Trademarks Registry before deployment.
PenCom maintained that PFAs would remain fully responsible for all advertising content, including campaigns handled by third-party consultants, media agencies and digital influencers.
Industry stakeholders believe the latest move is part of broader reforms by the Commission aimed at streamlining pension administration and reducing delays within Nigeria’s Contributory Pension Scheme (CPS).
Last year, PenCom also eliminated the pre-approval requirement for several categories of retirement benefit payments, allowing PFAs to process and approve requests without seeking prior clearance from the Commission.
The reform, which took effect on June 1, 2025, was introduced to fast-track pension payments and improve service delivery to Retirement Savings Account holders.
