FCMB Gets Regulatory Approvals to Raise Stake in Legacy Pension to 88.2%

By Modupe Gbadeyanka

The acquisition of additional 60 percent stake in Legacy Pension Managers Limited by First City Monument Bank (FCMB) Plc has been approved by the relevant regulatory authorities.

The increase in the stake of Legacy pension Managers Limited will leave FCMB controlling 88.20 percent of the firm, making it a subsidiary of the lender.

In a statement jointly signed today by the Chief Financial Officer of FCMB, Mr Kayode Adewuyi; and the Group Chief Executive, Mr Ladi Balogun, it was explained that the acquisition will help FCMB enhance the diversification of service offerings within the group and further optimises its holding company structure.

“FCMB Group Plc hereby notifies the Nigerian Stock Exchange (NSE) that FCMB Group Plc (FCMB) has received relevant regulatory approvals and concluded the acquisition of additional 60 percent stake in Legacy Pension Managers Limited (Legacy).

“FCMB’s interest in Legacy is now 88.2 percent, thus making Legacy a subsidiary of FCMB.

“The acquisition helps FCMB enhance the diversification of service offerings within the group and further optimises its holding company structure.

“FCMB believes that Legacy will contribute and accelerate the group’s sustained profitability as well as shareholder value.

“It will support and facilitate strategic initiatives that will position Legacy in the top-tier of its industry over the next 5 years,” the statement said.