Access Holdings Plc has disclosed that Access Golf Nigeria Limited, a majority shareholder of Access Pensions Limited and a subsidiary of Access Holdings, has received the necessary regulatory clearance for its proposed acquisition of a majority equity stake in ARM Pension Managers (PFA) Limited.
In a statement, the National Pension Commission (PenCom) and the Federal Competitions and Consumer Protection Commission (FCCPC) granted their “no objection” and approval respectively for the transaction.
Subject to the receipt of relevant regulatory approvals, it is intended that following the acquisition, the operations of ARM and Access Pensions will be merged to create Nigeria’s second largest Pension Fund Administrator (PFA) by Assets Under Management.
Commenting on the transaction, the Group Chief Executive of Access Holdings, Dr Herbert Wigwe, said, “We are pleased to have reached this transformative milestone in our pension fund administration journey. The proposed combination of ARM Pensions with Access Pensions will not only create sustainable stakeholder value, but will also contribute positively to the growth and development of the pension industry. We anticipate an exciting future for the combined entity.”
Speaking on the transaction, the Group CEO of ARM Holdings Company Limited, Jumoke Ogundare. said, “The market in which we operate is ripe for consolidation, and I am confident that the proposed combination will create a formidable pension funds administration business leveraging Access Group’s expansive distribution network and innovation culture to deliver sustainable value to stakeholders.”
