FBN Holdings (FBNH) has announced that First Pension Custodian Limited (a subsidiary of FBNH’s First Bank of Nigeria), has completed the acquisition of the 100% of the share capital of Access Pension Fund Custodian Limited from Access Bank Plc, having obtained the requisite regulatory approvals.
The Central Bank of Nigeria (CBN) and the National Pension Commission (PENCOM), and the Federal Competition and Consumer Protection Commission have given their “no objection” to the transaction.
“The transaction is in line with First Pension’s growth strategy and advances its mission to be the ‘custodian of first choice,’ and leading pension custodian in sub-Saharan Africa,” FBN Holdings said in a statement.
Pension Fund Custodians (PFCs) are responsible for keeping safe custody of pension assets on trust on behalf of contributors.
The main functions of PFCs are to receive pension contributions on behalf of PFAs; settle transactions and undertake activities relating to the administration of pension fund investments on behalf of PFAs and to notify the PFA within 24 hours of the receipt of pension contributions from employers.
UBA Pensions Custodian Limited and Zenith Pensions Custodian Limited are the other 2 operators.
First Pension Custodian Limited is a much bigger operator than Access Pension Fund Custodians, data seen by MoneyCentral shows.
First Pension Custodian Limited had total assets of N17.87 billion and reported profit of N3.73 billion as at December 2020.
Access Pension Fund Custodians Ltd for its part had total assets of N4.678 billion and reported profit of N125.8 million as at December 2020.