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ABUJA, April 30 (Reuters) - Nigeria has increased the capital requirement for pension managers in an attempt to steer the biggest sector of its fund management industry to target untapped opportunities in the much larger, informal sector of small business.
Three pension managers are in talks to merge to meet the new capital requirement of 5 billion naira ($13.14 million) by next year, two pension executives with knowledge of the matter told Reuters. Pension funds currently operate with 1 billion naira capital.
Fund managers include Stanbic IBTC Pension Managers, a unit of Stanbic IBTC Holdings, Sigma Pensions, which sold a majority stake to private equity firm Actis, and several others with either banking or insurance parent companies.