Section 62: Requirements for a licence as Pension Fund Custodian.

Application for license to act as a Pension Fund Custodian shall not be approved by the Commission unless such applicant-
(a) is a limited liability company incorporated under the Companies and Allied Matters Act by a licensed financial institution with sole object of keeping custody of pension fund and retirement benefits assets;
(b) has a minimum paid capital of such sum that may be prescribed by the Commission from time to time and is wholly owned by a licensed financial institution with net worth of a minimum of N25,000,000,000 or as may be prescribed from time to time;
(c) shows that the parent company has issued a guarantee to the full sum and value of the cash float of pension funds and assets held by the Pension Fund Custodian company, as may be determined by the Commission, from time to time;
(d) undertakes to hold the pension fund assets to the exclusive order of the Pension Fund Administrator on trust for the respective employees as may be instructed by the Pension Fund Administrator appointed by each employee;
(e) has never been a custodian of any fund which was mismanaged or has been in distress due to any default of the Pension Fund Custodian; and
(f) satisfies such additional requirements as may be prescribed from time to time, by the Commission.