By Bakare Olusegun
Nigeria’s pension industry continues its upward trajectory, with Retirement Savings Account (RSA) holders earning healthy returns. In May 2025, Pension Alliance Limited topped the list, closely followed by OAK Pensions Limited and Trustfund Pensions Plc—a trio that has consistently led monthly rankings in recent months.
May’s Top Performers
Based on data compiled by this medium, the average return across all PFAs in May was approximately 1.70%—a modest improvement from February’s 1.64% . Leading the pack were:
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Pension Alliance Limited: Building on its February lead, the firm again topped average monthly returns, signaling sustained strength in its investment strategy.
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OAK Pensions Limited: Demonstrated notable agility, capturing top returns especially among RSA Fund IV (retiree-focused), which traditionally yields less but recovered well .
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Trustfund Pensions Plc: Rounded out the top three, benefiting from a balanced asset mix that thrives in Nigeria’s high-interest market.
Fund Category Breakdown
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RSA Fund I (Aggressive Growth): This high-risk segment continued to deliver, with top PFAs delivering close to 2.1% in May—mirroring their February performance .
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RSA Fund II (Balanced): Recorded average gains of around 1.9%, slightly lower than Fund I yet showcasing steady growth momentum.
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RSA Fund III & IV (Conservative/Retiree): These safer categories yielded about 1.3–1.4%, comparable to February levels .
Industry Outlook
Nigeria’s average RSA return in May—hovering near 1.70%—marks a stable advance compared with recent months and is in line with broader economic trends. With benchmark rates still elevated, pension managers are capitalizing on high-yield Federal Government bonds and treasury bills. PFAs with stronger exposure to fixed income instruments are continuing to thrive .
Expert Insights
Analysts note this performance reflects strategic asset allocation. A shift toward safer, income-producing instruments in high-rate environments like this often proves wise. “Conservative funds have delivered impressive returns recently,” analyst after July 2024 data showed RSA III and IV outperforming riskier categories .
Takeaway for Nigerians
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RSA I & II investors are reaping the benefits of bold investment strategies.
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Those in RSA III & IV enjoy consistent gains and capital preservation.
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With strong returns and sound tactics, the leading trio—Pension Alliance, OAK, and Trustfund—remain ideal choices for contributors seeking reliable long-term growth.
Bottom Line: May 2025 reaffirmed Nigeria’s pension sector as a reliable performer, thanks to strong macroeconomic dynamics and savvy fund management. Leading PFAs continue to excel, while average contributors can be assured their investments remain resilient—and rising—under a well-regulated system.
Feel free to ask for more detailed figures or month‑by‑month comparisons!
