ACCESS Holdings Plc has announced its upcoming creation of a formidable pension fund administration business with the extended acquisition of Sigma Pensions Limited in addition to its majority acquisition of First Guarantee Pension Limited(FGPL) and First Ally Asset Management Ltd of the entire issued shares of Actis Golf Nigeria Ltd (AGNL).
The Group Company Secretary, Access Bank, Mr Sunday Ekwochi in a statement on Tuesday in Lagos. said the proposal of acquisition was approved by the National Pension Commission (PenCom) and the Federal Competition and Consumer Protection Commission (FCCPC).
The statement acknowledged the thrust to form a formidable PFA, “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.”
On the deal, Dr Herbert Wigwe, (pictured) the Group Chief Executive, Access Corporation, expressed satisfaction with the progress the company was making regarding its diversification from pension custodian and growth into the pension funds administration sector.
He said the proposed consolidation would 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.
“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, “Wigwe said.
In his remark, Mr Natalie Kolbe, Non-Executive Director of Actis Golf Nigeria Ltd., expressed delight that Access Holdings, a well-respected operator, is set to support Sigma across its next phase of growth.
“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,” he declared.