PENCOM, FCCPC approve Access Corporation’s acquisition of FGLP, Sigma Pensions
Access Holdings Plc has announced its acquisition of First Guarantee Pension Ltd (FGPL) and First Ally Asset Management Ltd (First Ally) of the entire issued shares of Actis Golf Nigeria Ltd (AGNL).
The Group Company Secretary, Access Bank, Mr Sunday Ekwochi said this in a statement on Tuesday in Lagos.
The statement said the acquisition extended to Sigma Pensions Ltd (Sigma) with AGNL being the sole shareholder of Sigma.
It stated that the proposal of the acquisition was approved by the National Pension Commission (‘PENCOM’) and the Federal Competition and Consumer Protection Commission (FCCPC).
“The corporation had recently announced its acquisition of majority equity stake in FGPL.
“It is intended, subject to the receipt of relevant regulatory approvals that the operations of FGPL and Sigma will be merged to create Nigeria’s fourth largest Pension Fund Administrator (PFA) by Assets Under Management,” it said.
Commenting on the development, Dr Herbert Wigwe, the Group Chief Executive, Access Corporation, expressed satisfaction with the progress the company was making regarding its diversification and growth into the pension funds administration sector.
“Having concluded our divestment from the pension funds custody sector and our recent acquisition of FGPL, we are pleased with the progress we are making regarding our diversification and growth into the pension funds administration sector.
“We are particularly pleased to have reached this agreement with Actis. Our plan is to consolidate these entities to create a formidable pension funds administration business, “Wigwe said.
He said the proposed consolidation would leverage the corporation’s expansive distribution network, strong risk management culture and best-in-class governance standards to provide contributors with sustainable world class pension funds administration services.
In his remark, Mr Natalie Kolbe, Non-Executive Director of Actis Golf Nigeria Ltd., expressed delight that Access Holdings, a well-respected operator, is set to support Sigma across its next phase of growth.
“Sigma has transformed during our partnership, and we are delighted that Access, a well-respected operator, is set to support the company across its next phase of growth.
“The market Sigma operates, is ripe for consolidation and I have no doubt that with such a capable backer, they will go from strength to strength,” Kolbe said.
