Business a.m
Regulatory approvals for Access Holdings Plc to take a majority stake in ARM Pensions Managers (PFA) Limited through its subsidiary, Access Golf Nigeria Limited, a majority shareholder of Access Pensions Limited, have drawn the financial powerhouse closer to becoming the owner of Nigeria’s second largest pension fund administrator by assets under management (AuM), a scheme of the unfolding process has shown.
has received the regulatory approvals required for the proposed acquisition of a majority stake in ARM Pensions Managers (PFA) Limited.
The regulatory approvals from PenCom and the Federal Competition and Consumer Protection Commission are important milestones in the acquisition process. With these approvals in place, Access Golf is one step closer to completing the acquisition of a majority stake in ARM Pensions.
Once the acquisition is completed, Access Golf plans to merge the operations of ARM Pensions and Access Pensions to create Nigeria’s second-largest Pension Fund Administrator by Assets Under Management (AuM).
Herbert Wigwe, group chief executive officer of Access Holdings, said of the transaction: “We are pleased to have reached this transformative milestone in our pension fund administration journey.”
Wigwe expressed optimism that the proposed combination of ARM Pension and Access Pensions will bring significant value to all stakeholders. He also anticipates an exciting future for the combined entity, which will be well-positioned to provide customers with an enhanced range of services and products.
Jumoke Ogundare, group chief executive officer of ARM Holding Company Limited, commenting on the proposed combination, said that the market is ready for consolidation and believes that the merger will create a leading pension funds administration business. She noted that the Access Group’s extensive distribution network and culture of innovation will be leveraged to deliver sustainable value to all stakeholders.
A statement from the group noted that the completion of the transaction is contingent upon obtaining all requisite regulatory approvals. Access Holdings added that it is committed to keeping the market informed in line with its disclosure obligations.
