Access Corporation has revealed that the company received regulatory approval for the acquisition of First Guarantee Pension Limited (FGPL), but didn’t disclose which of the regulators approved the deal.
The acquisition of First Guarantee Pension Limited places the deal under the approval of two industry regulators; the National Pension Commission (PenCom) and Central Bank of Nigeria (CBN).
This is contained in a disclosure signed by Sunday Ekwochi, Company Secretary, titled, “Access Corporation announces receipt of full regulatory approval in respect of its acquisition of majority equity stake in First Guarantee Pension Limited.”
The Group believes the transaction is pivotal in its plan to evolve into a financial service holding company positioned to gain relevant scale across Africa, global monetary centres and beyond-banking verticals.
The disclosure stated, “Access Holding Plc trading as Access Corporation sequel to its earlier announcement on May 19, 2022, announces today that it has received full regulatory approval of its acquisition of majority equity stake in First Guarantee Pension Limited.
“Following this development, FGPL is now a subsidiary of the corporation and will provide a strong springboard for the corporation’s execution of its ecosystem strategy for the pension funds administration industry.
Speaking on this development, Dr. Herbert Wigwe, Group Chief Executive Officer, Access Corporation said, “this transaction is in line with our vision to create a globally connected community and ecosystem; inspired by Africa for the world. We will deploy our renowned culture of strong risk management, innovative technology and the best practice corporate governance to deliver high standards of management and returns on pension assets to the benefit of our stakeholders.”
Recall that First Guarantee Pension Limited has a troubled past tied up in a management crisis that led to the pension regulator sacking the management in 2011, and maintaining authority for over five years.
The Group entered into an agreement with the company regarding the potential acquisition of a majority equity stake in the FGPL.
