By Aduragbemi Omiyale
The Pension Fund Administration (PFA) landscape in Nigeria is about to witness a major turnaround with the merger of ARM Pension Managers Limited with Access Pensions Limited.
A statement from Access Holdings Plc disclosed that Access Golf Nigeria Limited, a major shareholder of one of its subsidiaries, Access Pensions, wants to acquire a majority equity stake in ARM Pensions.
Already, it has secured a no objection of the National Pension Commission (NAICOM) and the approval of the Federal Competition and Consumer Protection Commission (FCCPC) for the deal.
Access Holdings, which described the transaction as “a major development in its ongoing growth strategy,” explained that the merger will not only create sustainable stakeholder value but will also contribute positively to the growth and development of the pension industry.
It stated that the combination of the two business organisations would make the new entity to become the second largest Pension Fund Administrator (PFA) by Assets Under Management (AUM) in Nigeria.
It was disclosed that the completion of this transaction is contingent upon obtaining all requisite regulatory approvals.
“We are pleased to have reached this transformative milestone in our pension fund administration journey.
“The proposed combination of ARM Pension with Access Pensions will not only create sustainable stakeholder value but will also contribute positively to the growth and development of the pension industry.
“We anticipate an exciting future for the combined entity,” the chief executive of Access Holdings Plc, Mr Herbert Wigwe, commented.
Also commenting, the chief executive of ARM Holding Company Limited, Ms Jumoke Ogundare, said, “The market in which we operate is ripe for consolidation and I am confident that the proposed combination will create a formidable pension funds administration business leveraging Access Group’s expansive distribution network and innovation culture to deliver sustainable value to stakeholders.”
Access Holdings has reaffirmed its commitment to keeping the market informed in line with its disclosure obligations.
