Total E&P Nigeria Staff Non-Contributory Defined Benefits Pension Scheme (Scheme) is governed by the PRA 2014 and is administered by Total E&P Nigeria CPFA Limited (TEPNG CPFA), a corporate body duly licensed by the National Pensions Commission (PenCom) as a Closed Pension Fund Administrator (CPFA) in accordance with the amended Trust Deed and Regulation set up in 2001 by the scheme sponsor, Total E&P Nigeria Ltd (TEPNG) subject to the provisions of the Pension Reform Act 2014 (PRA 2014) .
In terms of ownership structure, Total CPFA is owned 99% by Total E&P Nigeria Ltd (TEPNG) and 1% by Total Upstream Nigeria Ltd (TUPNI) in accordance with the amended Trust Deed and Regulation and the provisions of the Pension Reform Act (PRA) 2014 . The Scheme was established in 1993, but remained unfunded until 2000 when preparatory funding through the Treasury Department of TEPNG commenced. By November 8, 2001, TotalFinaElf (E&P) Trustees Nigeria Limited was incorporated and appointed Trustee to the Fund. A year later, the first Trust Deed was signed. On May 6, 2004 , the Trustee was renamed Total E&P Trustees Nigeria Limited in line with the change of name of the founding company.
By 2005, when the PRA 2004 came into effect and our Scheme came under the regulation of PenCom, the governance documents of both the Scheme and the Trustee needed amendment to align with the provisions of the Act. The PRA 2004 specified minimum requirements that must be met by institutions wishing to operate in the pension industry. Also, formal application for an operating license for the Trustee to operate as a pension fund administrator needed to be filed with PenCom. In November 21, 2006, following a formal application process that lasted about a year, an Approval-In-Principle to operate as Closed Pension Fund Administrator (CPFA) was granted. A full license was issued the following year.