Prudence before payout: Why pension operators should prioritise capital strengthening during the recapitalisation transition 

​The Nigerian pension industry stands at an important inflection point following the introduction of new capital requirements for Pension Fund Administrators (PFAs) by the National Pension Commission (PenCom). The reform, which provides operators a transition period until June 2027 to comply, has triggered an emerging governance question within the industry: should PFAs continue paying dividends […]