By Tony Obiechina, Abuja
The National Pensions Commission (PenCom) has approved the merger of ARM Pension Managers (PFA) Limited and Access Pensions Limited to form a new entity named Access ARM Pensions Limited into one entity.
This was disclosed in a statement released by PenCom in Abuja on Wednesday.
The statement reads: “This is to inform the general public that the National Pension Commission (PenCom) has granted approval for the merger between ARM Pension Managers (PFA) Limited and Access Pensions Limited to form a new entity named Access ARM Pensions Limited.
“The merger is expected to result in the achievement of economies of scale, improved operational efficiency of the new entity as well as improved service delivery to Retirement Savings Account (RSA) Holders. With the merger, this brings the total number of PFAs to 18.”
Access Holdings had in January 2024 notified the ‘no-objection’ of the National Pension Commission, and the approval of the Federal Competition and Consumer Protection Commission was received through Access Golf, a majority shareholder in Access Pension.
The former Group Chief Executive, Access Holdings, Dr. Herbert Wigwe, had 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 will also contribute positively to the growth and development of the pension industry. We anticipate an exciting future for the combined entity.”
Access Holdings had said that the acquisition of the company complements its bouquet of product offerings in pursuit of its vision of building a globally connected community of ecosystems inspired by Africa for the world.
It said, “In this regard, Megatech will strive to create a world where risk is efficiently managed so that we can confidently seek and seize growth opportunities.”
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