Nigeria’s Best-Performing Pension Fund Managers in April 2025
By Adesuwa Ikenna, Financial Correspondent
The Nigerian pension industry maintained its upward momentum in April 2025, with all Retirement Savings Account (RSA) fund categories delivering positive returns—an impressive feat given the persistent economic headwinds and capital market volatility.
According to data compiled by Nairalytics, the research arm of Nairametrics, Pension Fund Administrators (PFAs) delivered an average return of 1.28% across board, reflecting prudent asset allocation and adaptive investment strategies.
Fund I Leads the Charge
RSA Fund I—designed for contributors with higher risk tolerance—led with an average return of 1.39%, while Fund II, the default plan for workers under 50, returned 1.34%. The more conservative Fund III and Fund IV followed closely, posting 1.22% and 1.18% respectively.
April’s Top PFAs: Tangerine Apt Takes the Crown
Tangerine Apt Pensions emerged as April’s star performer, topping the charts with an impressive 1.83% average return. Its RSA Fund I portfolio delivered a standout 3.45%, setting it apart in an increasingly competitive field.
Crusader Sterling Pensions secured second place with 1.76%, buoyed by strong returns in Funds II and III. Pensions Alliance Limited followed, maintaining healthy gains with a 1.44% average return.
Other notable performers included Pension Fund Administrators Limited (1.15%) and OAK Pensions Limited (1.11%). PFAs excluded due to data issues were ARM Pension Managers, Guaranty Trust Pension Managers, and Veritas Glanvills Pensions.
Category Breakdown
🔹 RSA Fund I:
- Tangerine Apt Pensions – 3.45%
- FCMB Pensions – 1.67%
- Stanbic IBTC Pension Managers – 1.61%
🔹 RSA Fund II:
- Crusader Sterling Pensions – 1.91%
- Norrenberger Pensions – 1.88%
- Pensions Alliance Limited – 1.68%
🔹 RSA Fund III:
- Crusader Sterling Pensions – 1.86%
- Pensions Alliance Limited – 1.58%
- Leadway Pensure – 1.44%
🔹 RSA Fund IV:
- Crusader Sterling Pensions – 1.65%
- OAK Pensions Limited – 1.31%
- Pensions Alliance Limited – 1.29%
Pension Assets Surpass N23 Trillion
As of February 2025, Nigeria’s pension assets reached N23.27 trillion, up from N22.86 trillion in January. Federal Government securities continued to dominate PFA investment portfolios at 62.18%, followed by corporate debt (10.01%) and money market instruments (9.51%).
Domestic equity investments also gained ground, accounting for 11.10% of total assets at N2.58 trillion, while mutual funds contributed 0.36% or N84.76 billion.
Steady Growth in RSA Registrations
RSA registrations climbed to 10.65 million by February 2025, marking a 3.82% year-on-year increase. RSA Fund II maintained its lead as the largest by net asset value (N9.62 trillion), followed by Fund III (N6.06 trillion) and Fund IV (N1.71 trillion).
This consistent growth signals growing trust in the contributory pension scheme and reaffirms the sector’s resilience amid shifting macroeconomic tides.
Would you like me to help turn this into a downloadable newsletter, or repurpose it for investor presentations?