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.
TangerineAPT’s 9.65% share placed it among the top tier and points to intensifying competition outside the established largest pension managers. Leadway Pensure followed Trustfund closely, with 9,376 new accounts, while mid-tier firms such as Veritas Glanvills, Premium Pension and Crusader Sterling each captured more than 4% of quarterly sign-ups.
The lowest-ranked operators in the table—Parthian Pensions and NPF Pensions—added 441 and 353 accounts, respectively, or less than 1% combined. CardinalStone Pensions, Norrenberger Pensions, Citizens Pensions and Pensions Alliance also held relatively small shares.
Membership growth
New registration momentum strengthened from 114,864 accounts in the fourth quarter of 2025. The younger workforce remains central to the growth story: contributors under 40 represented 75.31% of new RSAs, including 57,256 people under 30. That gives the industry a long-duration pool of contributors, but also increases pressure on PFAs to produce inflation-beating returns over a multi-decade investment horizon.
Formal pension coverage remains limited relative to Nigeria’s estimated 92 million labour force. PenCom estimates active CPS membership at about 12.1% of that workforce, leaving the informal economy as the biggest untapped source of future account growth.
What it means
The data show that Nigeria’s pension market is adding members at a faster pace, while the concentration of new sign-ups has eased modestly. Yet the business remains dominated by a handful of firms, led by Stanbic IBTC, AccessARM and FCMB Pensions.
For PenCom, the issue is not simply market share. The regulator has highlighted whether concentration is limiting lower-tier competition, product innovation and service quality.
It is also monitoring whether the default structure—where RSA Fund II represents 53.94% of active pension assets—matches the risk appetite and long investment horizons of the overwhelmingly young contributor base.
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