BY NKECHI NAECHE-ESEZOBOR–The National Pension Commission ( PenCom) on Monday said it has approved the acquisition of Access Pension Custodian Limited, the pension subsidiary of Access Bank by First Pension Custodian Limited, the subsidiary of First Bank of Nigeria.
The approval of the transaction was announced in a statement issued by the commission on Monday and signed by the Commission’s management.
The statement thus reads: “The National Pension Commission (PenCom) wishes to inform the general public and relevant Stakeholders that PenCom has approved the acquisition of Access Pension Custodian Limited by First Pension Custodian Limited.
The statement added that “The acquisition is the culmination of the divestment process by Access Pension Custodian Limited from the pension custody business, transfer of all assets under its custody to First Pension Custodian Limited and the return of its
operating license to PenCom.
The Commission however assured stakeholders and the general public of its continued commitment to the effective regulation and supervision of the pension industry.
