Fakoyejo OlalekanAccess Holdings has revealed plan to acquire Sigma Pensions Limited through its subsidiary, First Guarantee Pensions Limited (FGPL) after receiving regulatory approval.
Both National Pension Commission (PENCOM) and the Federal Competition and Consumer Protection Commission (FCCPC) approved the deal, a statement released on Tuesday revealed.
Join our WhatsApp ChannelAccess Holdings stated that First Guarantee Pension Limited and First Ally Asset Management Ltd (First Ally) will acquire the total shares of Actis Golf Nigeria Limited (AGNL), which is the sole investor in Sigma Pensions.
After the acquisition, First Guarantee Pension Limited and Sigma Pensions will be merged by Access Holdings to form Nigeria’s fourth largest Pension Fund Administrator (PFA) by Assets Under Management.
Commenting on the deal, Access Holdings’ Group Chief Executive, Herbert Wigwe, said, “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 sectorn 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.”
Also, the Non-Executive Director of Actis, Natalie Kolbe, 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 in is ripe for consolidation and I have no doubt that with such a capable backer, they will go from strength to strength.”
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