SAT, JAN 27 2024-theGBJournal| Access Pensions Limited (Access Pensions) is set to acquire a majority equity stake in ARM Pensions Managers Limited (ARM) and merge operations, Access Holdings Plc announced today.
The move comes as Access Golf Nigeria Limited (Access Golf), a majority shareholder of Access Pensions Limited and a subsidiary of Access Holdings revealed it has received the ‘no-objection’ of the National Pension Commission and the approval of the Federal Competition and Consumer Protection Commission for the proposed acquisition.
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 which is viewed as a major development Access Holdings ongoing growth strategy, Dr. Herbert Wigwe, the Group Chief Executive, Access Holdings said, they are pleased to have reached this transformative milestone in their pension fund administration journey.
”The proposed combination of ARM Pension 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.”
Jumoke Ogundare, the Group CEO of ARM Holding Company Limited in her comment said ARM beleives the market in which they operate is ripe for consolidation and expressed confidence 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.
The completion of the transaction is contingent upon obtaining all requisite regulatory approvals.
Access Holdings, a leading multinational financial services group, noted that they remain committed to keeping the market informed on the transaction, in line with its disclosure obligations.
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