FCMB Raises Stake in Legacy Pension Managers to 88.2%

By Modupe Gbadeyanka

First City Monument Bank (FCMB) Plc has announced being in talks with shareholders of Legacy Pension Managers Limited for the acquisition of additional 60 percent stake in the pension fund  administrator.

The lender said in a notice to the Nigerian Stock Exchange (NSE) on Monday that the 60 percent addition would raise its stake in Legacy to 88.2 percent.

This would make the bank the majority shareholder of the company and therefore makes Legacy Pension Managers Ltd a subsidiary of FCMB Plc.

Legacy Pension is a private limited liability company incorporated on April 7, 2005 and is duly licensed by the National Pension Commission (PenCom), to carry on business as a Pension Fund Administrator (PFA) as defined under the Pension Reform Act, 2014.

Legacy Pension is a wholly owned Nigerian PFA with First City Monument Bank (FCMB) being the major shareholder amongst 18 investors.

In the notice released yesterday, FCMB said it was waiting for the approvals of the Central Bank of Nigeria (CBN), the National Pension Commission (PenCom) and the Securities and Exchange Commission (SEC).

The lender promised to “notify the NSE once the relevant approvals for the transaction are received.”

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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