Access Holdings Plc says it has obtained necessary approval for the acquisition of ARM Pension Managers (PFA), Ltd., by its subsidiary, Access Pensions Ltd.
Dr Herbert Wigwe, Group Chief Executive, Access Holdings announced this in a statement on in Lagos.
Wigwe explained that Access Golf Nigeria Ltd., a majority shareholder of Access Pensions, which is a subsidiary of Access Holdings, has received the ‘no-objection’ of the National Pension Commission (PenCom) on the proposed acquisition.
He revealed that Access Pensions had also received approval of the Federal Competition and Consumer Protection Commission (FCCPC)to acquire majority equity stake in ARM Pensions Managers.
According to him, subject to the receipt of relevant regulatory approvals, it is intended that following the acquisition, the operations of ARM and Access Pensions would be merged.
Wigwe stated that the merger was to create Nigeria’s second largest Pension Fund Administrator (PFA) by Assets Under Management.
The Chief Executive said: “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.
Reacting, Ms Jumoke Ogundare, Group Chief Executive Officer, ARM Holding Company Ltd., expressed confidence on the proposed merger.
Ogundare said that the merger would create a formidable pension funds administration business, leveraging Access Group’s expansive distribution network and innovation culture to deliver sustainable value to stakeholders.
“The market in which we operate is ripe for consolidation.
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“The completion of this transaction is contingent upon obtaining all requisite regulatory approvals.
“Access Holdings remains committed to keeping the market informed in line with its disclosure obligations,” she said.
Access Holdings Plc is a leading multi-national financial services group that offers commercial banking, lending, payment, insurance, pension and asset management services. (NAN)
