Access Holdings Plc has reported significant progress in its acquisition plans, with Access Golf Nigeria Limited, a majority shareholder of its subsidiary Access Pensions Limited, receiving the “no-objection” from the National Pension Commission (PenCom) and approval from the Federal Competition and Consumer Protection Commission (FCCPC) for its proposed acquisition of a majority equity stake in ARM Pensions Managers (PFA) Limited.
Upon obtaining the necessary 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 (AUM).
Dr. Herbert Wigwe, the Group Chief Executive of Access Holdings, expressed satisfaction with reaching this transformative milestone in the pension fund administration journey. He emphasized that the combination of ARM Pension with Access Pensions is expected to create sustainable stakeholder value and contribute positively to the growth of the pension industry.
Jumoke Ogundare, the Group CEO of ARM Holding Company, highlighted the market’s readiness for consolidation and expressed confidence that the proposed combination would result in a formidable pension funds administration business, leveraging Access Group’s expansive distribution network and innovation culture.
The completion of the transaction is subject to obtaining all requisite regulatory approvals, and Access Holdings is committed to keeping the market informed in line with its disclosure obligations.
Access Holdings Plc is a leading multinational financial services group offering a range of services, including commercial banking, lending, payment, insurance, and asset management.
