Access Holdings Plc has announced its acquisition of First Guarantee Pension Ltd, FGPL, and First Ally Asset Management Ltd (First Ally) of the entire issued shares of Actis Golf Nigeria Ltd (AGNL).
The Group Company Secretary, Access Bank, Mr. Sunday Ekwochi, said this in a statement in Lagos.
According to the statement, the acquisition extended to Sigma Pensions Ltd (Sigma) with AGNL being the sole shareholder of Sigma.
It stated that the proposal for the acquisition was approved by the National Pension Commission’s PenCom and the Federal Competition and Consumer Protection Commission, FCCPC.
“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.
Commenting on the development, the Group Chief Executive, of Access Corporation, Dr. Herbert Wigwe, expressed “satisfaction with the progress the company is making regarding its diversification and growth into the pension funds administration sector. 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. The proposed consolidation will leverage the corporation’s expansive distribution network, strong risk management culture, and best-in-class governance standards to provide contributors with sustainable world-class pension funds administration services.”
In his remark, the Non-Executive Director of Actis Golf Nigeria Ltd., Mr. Natalie Kolbe, expressed delight that Access Holdings, a well-respected operator, is set to support Sigma across its next phase of growth.
He said “Sigma has transformed during our partnership, and we are delighted that Access, a well-respected operator, is set to support the company across its next phase of growth.
“The market Sigma operates is ripe for consolidation and I have no doubt that with such a capable backer, they will go from strength to strength.”