Access Holdings Plc – trading as Access Corporation has announced that it has received full regulatory approval for its acquisition of majority equity stake in First Guarantee Pension Limited.
The National Pension Commission and the Central Bank of Nigeria had earlier given their “no objection” to the Transaction, the completion of which was subject to the receipt of all required regulatory approvals.
Following this development, FGPL is now a subsidiary of the Corporation and will provide a strong springboard for the Corporation’s execution of its ecosystem strategy for the pension funds administration industry.
Access says the transaction is a consequential step in the Corporation’s evolution from a narrow banking business into a financial service holding company positioned to gain relevant scale across Africa, global monetary centers, and beyond-banking verticals.
Speaking on this development, Dr. Herbert Wigwe, Group Chief Executive Officer, Access Corporation, said:
“This transaction is in line with our vision to create a globally connected community and ecosystem; inspired by Africa for the world. We will deploy our renowned culture of strong risk management, innovative technology, and best practice corporate governance to deliver high standards of management and returns on pension assets to the benefit of our stakeholders,” Wigwe said.
First Guarantee Pension Limited had 2.9% market share of the Pensions industry, equivalent to 278,321 Retirement Savings Accounts (RSA) as at December 2021.
The firm’s total assets were N7.264 billion and profit after tax was N1.17 billion as at December 2020.