The National Pension Commission (PenCom) has approved the Merger and Acquisition arrangements of some PFAs in the industry. The disclosure was made by PenCom on its Twitter handle on Wednesday to all concerned stakeholders.
The statement disclosed that the Commission has approved the following Merger and Acquisition arrangements of the following entities
- Guaranty Trust Holding Company Limited’s acquisition of Investment One Pension Managers Limited (GTCO) and subsequent change of name to Guaranty Trust Pension Managers Limited.
- FCMB Pensions Limited acqusition of AIICO Pension Managers Limited
- Tangerine Pensions Limited and APT Pension Funds Managers Limited and subsequent change of name of the merged entity to Tangerine APT Pensions Limited.
With this development, the total number of all licensed PFAs in the country has reduced from 22 to 20.
It is expected that more acquisition and merger arrangements could follow as the PFAs are trying to meet up with the deadline of April 2022 for their recapitalization as mandated by PenCom.
The Merger and Acquisition does not in any way affect RSA holders as all contributors RSA balances remain intact.
All PFAs are expected to meet up with the deadline of April 2022 to recapitalize from N1bn to N5bn.