Access Corporation acquires indirect equity in Sigma Pensions

By Rosemary Iwuala

Access Holdings Plc has received regulatory approval for the proposed acquisition of an indirect equity stake in Sigma Pensions Limited.

The pan-African banking group announced this in a statement on the Nigerian Exchange Limited (NGX) on Tuesday.

The statement signed by Sunday Ekwochi, group company secretary, Access Corporation, said the HoldCo has obtained approvals from the National Pension Commission (PenCom) and the Federal Competition and Consumer Protection Commission (FCCPC) for the proposed acquisition by First Guarantee Pension Limited (FGPL) and First Ally Asset Management Limited (First Ally) of the entire issued shares of Actis Golf Nigeria Ltd (AGNL) and by extension Sigma Pensions Ltd (Sigma). AGNL is the sole shareholder of Sigma.

The corporation had recently announced its acquisition of a majority equity stake in FGPL.

Access Corporation also dumped its Pension Fund Custodian business.

“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,” the statement said.

Herbert Wigwe, group chief executive, Access Corporation, said having concluded its divestment from the pension funds custody sector and its recent acquisition of FGPL, the corporation was pleased with the progress it was making regarding its 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” Wigwe said.

“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,” he said.

Natalie Kolbe, non-executive director of Actis, 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.”