ABSTRACT
Chapter 14 explores the history of pensions in Nigeria, the development in pension reforms and the opportunities that selected investment banks have capitalized on to gain market share in the pension industry. The 2004 Pension Reform Act (PRA) repealed all existing pension schemes, replaced the Nigeria Social Insurance Trust Fund (NSITF) with a contributory pension scheme for any employee in Nigeria and encouraged privately managed pension scheme. The PRA of 2004 transformed the pension industry in Nigeria from a largely voluntary defined benefits and unfunded pay-as-you-go system to a mandatory, defined-contribution and fully funded system. The PRA governs pension asset management in Nigeria. The act requires private- and public-sector employers to make contributions towards the pension savings of all employees while establishing a scheme for the payment of retirement benefits.
