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Stanbic IBTC Pension Managers Ltd. led Nigeria’s pension industry in new retirement savings accounts (RSA) during the first quarter, as the five largest pension fund administrators captured more than half of all enrollments in a market that is expanding but remains concentrated.
The industry opened 143,248 new Retirement Savings Accounts, or RSAs, in the three months through March, lifting total formal pension registrations to 11.18 million. Stanbic IBTC accounted for 25,024 accounts, or 17.47% of the quarterly total, according to the National Pension Commission’s Q1 report.
AccessARM Pension Managers was second with 15,234 registrations, followed closely by FCMB Pensions with 14,542. TangerineAPT Pensions and Trustfund Pensions completed the five biggest account gatherers.
New RSA leaders
| Rank | Pension Fund Administrator | New RSAs, Q1 2026 | Share of industry registrations |
|---|---|---|---|
| 1 | Stanbic IBTC Pension Managers | 25,024 | 17.47% |
| 2 | AccessARM Pension Managers | 15,234 | 10.63% |
| 3 | FCMB Pensions | 14,542 | 10.15% |
| 4 | TangerineAPT Pensions | 13,827 | 9.65% |
| 5 | Trustfund Pensions | 9,638 | 6.73% |
| 6 | Leadway Pensure | 9,376 | 6.55% |
| 7 | Veritas Glanvills Pensions | 6,333 | 4.42% |
| 8 | Premium Pension | 6,074 | 4.24% |
| 9 | Crusader Sterling Pensions | 5,798 | 4.05% |
| 10 | Oak Pensions | 4,637 | 3.24% |
Source: PENCOM
The five largest firms attracted 54.41% of all new accounts, down from 62.11% in the preceding quarter. The decline signals some widening competition across the market, though the largest operators still retain a decisive advantage in distribution, brand recognition and employer relationships.
Competitive picture
Stanbic IBTC’s lead was sizeable: it added nearly 10,000 more RSAs than AccessARM, its closest competitor. The top four operators each gained more than 9% of the market, accounting for almost 48% of all new registrations.
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Read Full Article by Bala Augie at moneycentral.com.ng
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