WED, 26 OCT, 2022-theGBJournal| Access Corporation (ACCESSCORP) says it is acquiring indirect equity in Sigma Pension Limited, one of Nigeria’s leading Pension Fund Administrator (PFA).
Access Corporation said Tuesday that the National Pension Commission (PENCOM and the Federal Competition and Consumer Protection Commission (FCCPC) have granted their approvals to the proposed acquisition by the First Guarantee Pension Limited (FGPL) and First Ally Asset Management Limited (First Ally) of the entire issued shares of Actis Golf Nigeria Limited (AGNL) and by extension Sigma Pensions Ltd (Sigma).
AGNL is the sole shareholder of Sigma, and Access Corporation had recently announced its acquisition of 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 by assets under management,’’ Access Corp 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 sector. We are particularly pleased to have reached this agreement with Actis.,’’ says Dr Herbert Wigwe, Group Chief Executive, Access Corporation.’’
Wigwe said the Corporation’s 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,’’ Wigwe added.
Speaking on the transaction, Natalie Kolbe, Non-Executive Director of Actis said, ‘’Sigma has transformed during our partnership, and we are delighted that Access, a well-respected operator, is set to support the company across the 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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