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Sigma Pensions targets market dominance with Access Corporation acquisition

The acquisition of Sigma Pensions by entities controlled by Access Corporation (Parent Company of Access Bank) will position it as the fourth largest Pension Fund…

The acquisition of Sigma Pensions by entities controlled by Access Corporation (Parent Company of Access Bank) will position it as the fourth largest Pension Fund Administrator (PFA) in Nigeria after its proposed merger with First Guarantee Pensions.

The Managing Director and Chief Executive Officer, Sigma Pensions, Mr Dave Uduanu, reiterated that the sale of ActisGolf Nigeria Ltd – Parent Company of Sigma Pensions – was based on the firm’s original strategic intent to invest in Sigma Pensions, work with management to achieve a significant transformation and exit after a 5-6 year holding period.

ActisGolf is a special purpose vehicle (SPV) set up by ACTIS Private Equity UK in 2015 to pursue a buy and build strategy within the pension fund industry in Nigeria and the wider African market.

Mr Uduanu said: “The investment thesis behind this landmark transaction is to achieve a merger of Sigma Pensions and First Guarantee Pensions to create the 4th largest PFA in Nigeria.”

This objective will be achieved through a combination of organic growth using the huge platform Access Corporation offers; inorganic growth through bolt-on acquisitions and focusing on the untapped markets in the industry.

“Customers would have all their pensions and financial planning requirements met under one roof. They will also have the benefit of accessing up to 25% of their RSA savings to support the purchase of a home under the RSA-mortgage support scheme.