Access Holdings Plc has announced that its subsidiary, Access Golf Nigeria Limited, a majority shareholder of Access Pensions Limited, has received the necessary regulatory clearances for its proposed acquisition of a majority equity stake in ARM Pensions Managers (PFA) Limited (ARM).
The HoldCo said in the statement that the National Pension Commission (PenCom) and the Federal Competition and Consumer Protection Commission (FCCPC) have both granted their ‘no-objection’ and approval, respectively, for the transaction.
It is envisaged that that following the acquisition, subject to the receipt of relevant regulatory approvals, the merger of ARM and Access Pensions will create Nigeria’s second largest Pension Fund Administrator (PFA) by Assets Under Management.
Commenting on the ongoing transaction, the Group Chief Executive, of 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.”
Also speaking, the Group CEO of ARM Holding Company Limited, Jumoke Ogundare, said: “The market in which we operate is ripe for consolidation and I am confident 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.”
