In a significant development, Access Holdings Plc has received the necessary regulatory approvals for its subsidiary, Access Pensions Ltd., to acquire ARM Pension Managers (PFA), Ltd. Herbert Wigwe, the Group Chief Executive of Access Holdings, made the announcement in a statement released in Lagos.
Access Golf Nigeria Ltd., a majority shareholder of Access Pensions and a subsidiary of Access Holdings, has secured the ‘no-objection’ from the National Pension Commission (PenCom) for the proposed acquisition. Additionally, Access Pensions obtained approval from the Federal Competition and Consumer Protection Commission (FCCPC) to acquire a majority equity stake in ARM Pension Managers.
Pending the receipt of relevant regulatory approvals, the strategic plan is to merge the operations of ARM and Access Pensions. The primary objective is to establish the second-largest Pension Fund Administrator (PFA) in Nigeria based on Assets Under Management.
Wigwe expressed satisfaction, stating, “We are pleased to have reached this transformative milestone in our pension fund administration journey. The proposed combination of ARM Pension with Access Pensions will not only create sustainable stakeholder value but also contribute positively to the growth and development of the pension industry. We anticipate an exciting future for the combined entity.”
Jumoke Ogundare, Group Chief Executive Officer of ARM Holding Company Ltd., conveyed confidence in the proposed merger. She highlighted that the collaboration would create a formidable pension funds administration business, leveraging Access Group’s extensive distribution network and innovation culture to deliver sustainable value to stakeholders.
Ogundare acknowledged the favorable market conditions for consolidation and emphasized that the completion of the transaction is contingent upon obtaining all requisite regulatory approvals. Access Holdings Plc, as a responsible entity, remains committed to keeping the market informed in accordance with its disclosure obligations.
Access Holdings Plc, a leading multinational financial services group, offers a diverse range of services, including commercial banking, lending, payment solutions, insurance, pension management, and asset management. The successful acquisition and planned merger with ARM Pension Managers mark a strategic move by Access Holdings to further solidify its position in Nigeria’s dynamic financial landscape.
Credit: News Agency of Nigeria(NAN)
