First Guarantee Pension Limited (FGPL) is a Pension Fund Administrator (PFA) incorporated on 5 August 2004 under the Pension Reform Act, 2014 and licensed by the National Pension Commission (PENCOM) to manage and invest pensions on behalf of public and private sector employees. Our final operating license as a Pension Fund Administrator (PFA) was granted 13 January 2006.


We have an authorized share capital of ₦ 1 billion and a paid up share capital of ₦ 922 million.
Our Nigerian shareholders comprise of distinguished individuals and corporate bodies from all fields of the economy.


After due consideration for integrity, financial strength and a need for safety of funds, we have selected First Pension Custodian, a wholly owned subsidiary of First Bank of Nigeria Plc, as our pension fund custodian for RSA accounts. Following the Pension Reform Act 2004, First Bank of Nigeria Plc, the oldest Nigerian Bank with the largest branch network and posting the highest profit in the sector started a Pension Fund Custodian (PFC) known as First Pension Custodian Nigeria Limited (FPCNL).

The Pension reform Act 2004 provides for three levels of operators:

  • The National Pension Commission (PENCOM) which is the regulatory and supervisory authority
  • Pension Fund Administrators, otherwise known as PFA’s saddled with the task of managing the pension fund, in this case First Guarantee Pension Limited (FGPL)
  • Pension Fund Custodians, otherwise known as PFC’s responsible for holdings pension assets in this case First Pension Custodian Nigeria Limited (FPCNL)

The company was granted “approval in principle” on August 2005 by the National Pension Commission (PENCOM) and was incorporated on 16 August 2005. It has an authorized and fully paid up share capital of ₦2 billion. As at 31 March 2005, First Custodian Nigeria Limited had ₦377,5 billion of assets under custody.
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To ensure premium service delivery, First Pension Custodian Nigeria Limited formed a strategic alliance with a United Kingdom based technical partner, Sectech Limited, a company with a solid reputation in the global custody market. The partnership with Sectech is aimed at ensuring top-end custody services based on global best practices and standards.
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First Pension Custodian Nigeria Limited is managed by a team of seasoned financial experts from diverse backgrounds and with extensive experience in investment management, pension fund administration, corporate finance, relationship management, auditing and risk asset management.


First Guarantee Pension Limited was the first PFA to use the PFA system from Covenant Visions International. The PFA manager system is a complete pension fund administration system comprising of administration, investment and accounting modules (all integrated). This offers PFA’s all the tools required to successfully manage employee contributions and benefits. The system is based on the dynamics of open architecture, enabling full plug and play compatibility with any other system having similar features. A key benefit of the system is that it is designed to enable pension fund administrators to make the most of opportunities that have opened up and those yet to open.
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