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BY NKECHI NAECHE-ESEZOBOR–Access Holdings Plc said it has received the green light to acquire First Guarantee Pension, BusinessToday has learnt.
Although, the bank didn’t disclose which of the regulators approved the deal and the amount that is involved.
According to notice signed by Sunday Ekwochi, Company Secretary, titled, “Access Corporation announces receipt of full regulatory approval in respect of its acquisition of majority equity stake in First Guarantee Pension Limited.”
The Group believes the transaction is pivotal in its plan to evolve into a financial service holding company positioned to gain relevant scale across Africa, global monetary centres and beyond-banking verticals.
“Access Holding Plc trading as Access Corporation sequel to its earlier announcement on May 19, 2022, announces today that it has received full regulatory approval of its acquisition of majority equity stake in First Guarantee Pension Limited.
“Following this development, FGPL is now a subsidiary of the corporation and will provide a strong springboard for the corporation’s execution of its ecosystem strategy for the pension funds administration industry.
Dr. Herbert Wigwe, Group Chief Executive Officer, Access Corporation said, “this transaction is in line with our vision to create a globally connected community and ecosystem; inspired by Africa for the world. We will deploy our renowned culture of strong risk management, innovative technology and the best practice corporate governance to deliver high standards of management and returns on pension assets to the benefit of our stakeholders.”
First Pension Custodian is a subsidiary of rival FBN Holdings.
First Guarantee Pension Limited (FGPL) was incorporated on 5 August 2004 under the Pension Reform Act, 2014 and licensed by PenCom to manage and invest pensions on behalf of public and private sector employees. The final operating license as a PFA was granted 13 January 2006.
PenCom had taken over the management of the PFA in exercise of its power under the Pension Reform Act, PRA, (2004) in August 2011.
