Access Holdings Plc has disclosed that Access Golf Nigeria Limited, a majority shareholder of Access Pensions Limited and a subsidiary of Access Holdings, has received the necessary regulatory clearances for its proposed acquisition of a majority equity stake in ARM Pensions Managers (PFA) Limited (ARM).
According to the statement issued by Access Holdings, the National Pension Commission and the Federal Competition and Consumer Protection Commission have both granted their ‘no-objection’ and approval, respectively, for the transaction.
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 this transaction, the Group Chief Executive, of Access Holdings, Dr. Herbert Wigwe, said: “We are pleased to have reached this transformative milestone in our 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.”
Speaking on the transaction, the Group CEO of ARM Holding Company Limited Jumoke Ogundare, said: “The market in which we operate is ripe for consolidation and I am confident 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 statement from the group noted that the completion of this transaction is contingent upon obtaining all requisite regulatory approvals. Access Holdings remains committed to keeping the market informed in line with its disclosure obligations.
It would be recalled that Access Holdings recently announced that its flagship subsidiary, Access Bank PLC (Access Bank) has entered into a definitive agreement with the Ugandan-based Finance Trust Bank (FTB) and its selling institutional shareholders for the acquisition of a majority equity stake in FTB.
This was contained in a notice to the Nigerian Exchange Limited, the investment public.
The deal will also see Access Bank concurrently acquiring the shares currently held by FTB’s Institutional Shareholders who have sought to exit to a strategic, long-term shareholder
