Access Pensions Limited, a subsidiary of Access Holdings, has acquired a majority stake in ARM Pensions Managers Limited.
In a statement from Access Holdings over the weekend, the ‘no-objection’ of the National Pension Commission and the approval of the Federal Competition and Consumer Protection Commission were received through Access Golf, a majority shareholder in Access Pension.
It stated that subject to further relevant regulatory approvals, the acquisition would lead to the merging of the operations of ARM and Access Pensions to create Nigeria’s second-largest Pension Fund Administrator by Assets Under Management.
Commenting on the transaction, Group Chief Executive, Access Holdings, Dr. Herbert Wigwe, 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.”
The Group CEO of ARM Holding Company Limited, Jumoke Ogundare, said that the market was ripe for consolidation and expressed confidence that the proposed combination “will create a formidable pension funds administration business leveraging Access Group’s expansive distribution network and innovation culture to deliver sustainable value to stakeholders”.
As part of its ongoing growth strategy, Access Holdings recently acquired an insurance brokerage company, Megatech Insurance Brokers Limited.
The statement announcing the acquisition said, “The acquisition of the company complements Access Holdings’ bouquet of product offerings in pursuit of its vision of building a globally connected community of ecosystems inspired by Africa for the world. 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.”
Thereafter, Access Holdings received the Central Bank of Nigeria’s approval in principle to set up a consumer lending subsidiary, named Oxygen X Finance Company Limited.
The group, which joined the ranks of companies worth over N1tn on the Nigerian exchange, said that the proposed subsidiary “will make a positive impact on the financial landscape by providing innovative and seamless digital lending solutions to address distinct challenges faced by individuals and businesses.”
Credit: punchng.com
