The National Pension Commission (PenCom) grants Pension Fund Administrators (PFAs) a special waiver to invest pension assets in the upcoming Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE. According to reporting from Vanguard and The Punch, PenCom issues the approval in a regulatory circular dated May 13, 2026. The waiver temporarily suspends or relaxes some of the investment eligibility requirements that PFAs are normally required to meet when allocating pension funds. Both outlets describe the move as an authorization specifically tied to the Dangote refinery IPO, allowing PFAs to participate under the modified regulatory conditions. The reports do not indicate a change to PenCom’s broader pension regulation beyond this specific allowance. The approvals are presented as enabling pension fund investments in the forthcoming listing, subject to the terms set out in PenCom’s circular and the applicable framework for PFA participation in the IPO.