The National Pension Commission has scrapped the requirement for Pension Fund Administrators to seek prior written approval before publishing advertisements and marketing materials.

The change was outlined in a circular dated May 8, 2026, signed by the Director of the Surveillance Department, A.M. Saleem.

According to the commission, the new directive takes immediate effect and replaces Section 6.3.1 of the Guidelines for the Operations of PFAs, as part of efforts to reduce bureaucratic delays and improve efficiency in the pension industry.

Section 6.3.1 of the Guidelines for the Operations of PFAs previously required PFAs to obtain the prior written approval of the National Pension Commission before advertising, promoting, or issuing information about their products, services, or operations.

However, the commission has now eased the rule, stating that while PFAs are no longer required to secure advance approval before publishing advertisements, they must still notify the regulator prior to deploying any marketing campaigns across broadcast, print, digital, or outdoor media platforms.

“In furtherance of the Commission’s commitment of promoting operational efficiency, reduce bureaucratic delays, and quicker dissemination of information by PFAs to their potential clients, the Commission deems it necessary to allow PFAs to henceforth release their advertisement and media campaign materials without the prior approval of the Commission,” the circular stated.

The circular also set out several conditions that PFAs must comply with before releasing promotional materials.

It requires PFAs to clearly disclose the duration and timeline of any advertisement campaigns. In addition, operators must submit copies of all creative materials to the National Pension Commission for review prior to publication or deployment across any media platform.

PenCom noted that the removal of prior approval for advertisements does not weaken regulatory oversight or reduce compliance obligations for pension operators.

The Commission warned that all advertising content must be factual, verifiable, and fully compliant with the Nigeria Data Protection Act 2023 and the Pension Reform Act 2014.

It further prohibited the use of lotteries, prize draws, or other inducements in pension-related advertisements.

The regulator also barred misleading claims, unaudited financial figures, and deceptive fee disclosures.

In addition, PFAs are not allowed to use government symbols, public figures, or institutional assets in promotional materials without proper authorization.