The National Pension Commission (PenCom) has tightened regulatory oversight of the Contributory Pension Scheme (CPS) with the release of new guidelines on foreign currency contributions.
Under the rules, issued in September 2025, pension fund administrators (PFAs) and pension fund custodians (PFCs) must report to the Nigeria Financial Intelligence Unit (NFIU) within 24 hours any foreign currency pension contribution above $10,000.
The directive also requires full disclosure of details including the contributor’s name, address, amount remitted, and purpose of transfer, in line with Section 3(1) of the Money Laundering (Prevention and Prohibition) Act 2022.
PenCom explained that the framework seeks to open the CPS to Nigerians in the diaspora and residents who earn in foreign currency, while ensuring that contributions comply with anti-money laundering and counter-terrorism financing standards.
According to the commission, the new guidelines are part of wider reforms to expand pension coverage, encourage greater inflows into the scheme, and safeguard the integrity of Nigeria’s pension industry.
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