Table of Contents
Access Bank Plc has revealed that Access Golf Nigeria Limited, a majority shareholder of Access Pensions Limited and a subsidiary of Access Holdings, has obtained regulatory clearances for its planned acquisition of a majority equity stake in ARM Pensions Managers (PFA) Limited (ARM).
In a statement, it was disclosed that both the National Pension Commission and the Federal Competition and Consumer Protection Commission have granted their ‘no-objection’ and approval, respectively, for the transaction.
Join our Telegram Channel for Updates
Pending the receipt of relevant regulatory approvals, the intention is to merge the operations of ARM and Access Pensions, creating Nigeria’s second-largest Pension Fund Administrator (PFA) by Assets Under Management.
Access Holdings Plc’s Group Chief Executive, Dr. Herbert Wigwe, expressed satisfaction, stating, “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.”
Jumoke Ogundare, the Group CEO of ARM Holding Company Limited, commented on the transaction, stating, “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.”
The completion of the transaction is dependent on obtaining all requisite regulatory approvals, with Access Holdings committed to keeping the market informed in line with its disclosure obligations.
Additionally, Access Holding recently announced that its subsidiary, Access Bank PLC, has entered into a definitive agreement to acquire a majority equity stake in Uganda-based Finance Trust Bank (FTB).
This strategic acquisition, subject to regulatory approvals, is expected to close in the first half of 2024, with Access Bank owning an estimated 80% shareholding in FTB. This move aligns with the broader strategy of Access Bank to enhance financial inclusion, product diversification, and customer-centricity in the Ugandan market.
