Access Corporation (Access Corp), owners of First Guarantee Pension Limited (FGPL) has announced its planned acquisition request of the entire holdings of Actis Golf Nigeria Ltd (AGNL) in Sigma Pensions Limited.
This was said in a statement released by Sunday Ekwochi, group company secretary of Access Bank, in Lagos.
It reported that both the National Pension Commission and the Federal Competition and Consumer Protection Commission had approved the acquisition request.
“The Corporation had recently announced its acquisition of a majority equity stake in FGPL.
“It is intended, subject to the receipt of relevant regulatory approvals that the operations of FGPL and Sigma will be merged to create Nigeria’s fourth largest Pension Fund Administrator (PFA) by Assets Under Management,” it said.
Herbert Wigwe, the Group Chief Executive of Access Corporation, commented on the development and expressed satisfaction with the progress the business was making in terms of its diversification and expansion into the pension funds administration area.
“Having concluded our divestment from the pension funds custody sector and our recent acquisition of FGPL, we are pleased with the progress we are making regarding our diversification and growth into the pension funds administration sector.
“We are particularly pleased to have reached this agreement with Actis. Our plan is to consolidate these entities to create a formidable pension funds administration business,“ Mr. Wigwe noted.
Using the corporation’s extensive distribution network, robust risk management culture, and best-in-class governance standards, he claimed, the planned consolidation will offer contributors long-term, top-notch pension funds administration services.
Natalie Kolbe, Non-Executive Director of Actis Golf Nigeria Ltd., made a statement in which he expressed happiness that Access Holdings, a reputable operator, would be assisting Sigma during its upcoming phase of expansion.
“Sigma has transformed since we collaborated together, and we are thrilled that Access, a reputable operator, is going to help the business through its next stage of growth.
“The market Sigma works in is ripe for consolidation, and I have no doubt that they will move from strength to strength with such a strong backer,” Mr. Kolbe said.