Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What minimum financial resources must a Pension Assets Custodian possess?

April 26, 2017assets custodian financial minimum Pension possess Resources

0

Posted

What minimum financial resources must a Pension Assets Custodian possess?

1 Answer

0

Posted

An applicant Custodian must be a licensed financial institution with a minimum net worth of N5,000,000,000 unimpaired by losses and has a total assets of N125,000,000,000 or is wholly owned by a licensed financial institution with similar financial resources. This is to ensure the safety of the funds considering the huge amount of funds to be warehoused by the Custodians.