Access Holdings has received the green light from the National Pension Commission (PenCom) for the bid to acquire the controlling stake in First Guarantee Pension, the financial services group has announced.
“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,” CEO, Herbert Wigwe said in a document.
Access Holdings is reorganizing its pension business such that pension fund management will take the place of custody. This has led to an agreement with First Pension Custodian Nigeria Limited in preparation for selling its stake in Access Pension Fund Custodian Limited.
When the deal is complete, Access Holdings will be allowed to enter the N14 trillion pension fund management market.
Access Corporation transformed into a holding company five months ago in March, giving it the ability to expand into additional financial services companies outside of its core commercial banking operation.