Access Corporation to acquire indirect equity stake in Sigma pension
… claim to obtain Pencom, FCCPC approvals
Access Holding Pls has announced it proposed acquisition of indirect equity stake in Sigma Pensions.
This was contained in a statement on the Exchange, Group Company Secretary, Access Corporation, Mr. Sunday Ekwochi disclosed that the pan-African bank has obtained National Pension Commission (PenCom) and the Federal Competition and Consumer Protection Commission (“FCCPC”) approvals to the proposed acquisition by First Guarantee Pension Limited (FGPL) and First Ally Asset Management Ltd (First Ally) of the entire issued shares of Actis Golf Nigeria Ltd (AGNL) and by extension Sigma Pensions Ltd (Sigma).
According to him, AGNL is the sole shareholder of Sigma.
He stated that the “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 (PFA) by Assets Under Management.”
Commenting on this landmark transaction, Group Chief Executive, Access Corporation, Dr. Herbert Wigwe in a statement 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. 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.’
Speaking on the transaction, Non-Executive Director of Actis, Natalie Kolbe in a statement also 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.”
