The same report reveals that the total assets under the contributory pension scheme in infrastructure has reached N17.35 trillion during the reviewed period.

Aside from infrastructure, these funds found their way into various investment avenues, including domestic and foreign ordinary shares, federal and state governments' securities, and money market instruments, among others.

According to the regulation, pension fund custodians must only take written instructions from licensed PFAs concerning the PFAs’ investment and management of pension fund assets held in the custody of the PFCs on behalf of the contributors.

It said the PFCs, in discharging their contractual functions to PFAs, must not contract out the custody of pension fund assets to third parties except for allowable investments made outside Nigeria.

“The PFC shall obtain prior approval from the commission before engaging a global custodian for such allowable foreign investments,” it said.

The PFAs, in discharging their contractual functions to contributors, must not contract out the investment/management of pension fund assets to third parties except for open/close-end/hybrid funds and specialist investment funds allowed by the regulation.