Leadway Holdings Acquires 100% Stake in PAL Pensions

By Aduragbemi Omiyale

One of the leading pension fund administrators (PFAs) in Nigeria, PAL Pensions, has been acquired by Leadway Holdings.

Leadway Holdings is led by a former chairman of one of the biggest banks in the country, First Bank of Nigeria Limited, Mr Tunde Hassan-Odukale.

According to a message he sent to members of staff of his company, the acquisition of PAL Pensions is to expand the operations of Leadway Pensure, the PFA subsidiary of the holding firm.

With this transaction, PAL Pensions will merge with Leadway Pensure, with the latter becoming the only surviving entity, thereby increasing its client base and positioning it as one of the top three PFAs in Nigeria in terms of assets under management (AUM).

However, details of the integration process have yet to be revealed, but these should be announced in the coming weeks.

“This acquisition is … a statement of our ambition to build a -stronger, more competitive financial services group,.., giving us greater capacity to serve millions of Nigerians saving for their retirement,” Mr Hassan-Odukale noted.

He stated that the acquisition of PAL Pensions would lead to unlocking “opportunities for growth, innovation, and efficiency across our businesses.”

“The acquisition is a proud moment for us all, and your hard work, dedication, and commitment make such achievements possible,” he disclosed.