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Access Holdings Plc – trading as Access Corporation has announced that it has entered into a definitive agreement with First Guarantee Pension Limited regarding the potential acquisition of majority equity stake in the Company.
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 the transaction, Dr. Herbert Wigwe, Group Chief Executive Officer, Access Corporation, said:
“This transaction is a natural evolution for us. Over the last 20 years, we set our sights on and delivered ambitious plans to transform the African financial services landscape focusing on banking and have created the African Leading Bank and largest bank by customer base,” Wigwe said.
“This large customer base both on the wholesale and retail segment makes the pension business a natural fit for the Corporation given its objective of ecosystem optimization. We will leverage our well-established culture of strong corporate governance, risk Management, cutting-edge technology, and digital capabilities to deliver high standards of professionalism in the management of pension assets to the benefit of our stakeholders.”
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 of N1.17 billion as at December 2020.
The National Pension Commission and the Central Bank of Nigeria have given their “no objection” to the Transaction, the completion of which is subject to the receipt of all required regulatory approvals.