The Commission has through its oversight function observed that the minimum paid up share capital of N150 million was no longer adequate to meet the operational expenses of a PFA business given its intensive IT nature and an average gestation period of 5 years. The Commission had consulted with the pension industry for its input on the new minimum capital requirement for PFAs. The input of the pension industry and subsequent review by the Commission resulted in the presentation of a technical paper to the Board of PenCom on the issue.