PenCom approves FBN Holdings’ acquisition of Access Bank’s pension business 

By Chisom Nwatu

The National Pension Commission (PenCom) says it has approved the acquisition of Access Pension Custodian Limited by First Pension Custodian Limited.

The commission announced this in a statement on Monday.

“The National Pension Commission (PenCom) wishes to inform the general public and relevant stakeholders that PenCom has approved the acquisition of Access Pension Custodian Limited by First Pension Custodian Limited,” the statement said.

“The acquisition is the culmination of the divestment process by Access Pension Custodian Limited from the pension custody business, transfer of all assets under its custody to First Pension Custodian Limited and the return of its operating licence to PenCom,” it said.

First Pension Custodian Limited, a subsidiary of First Bank Holdings Plc, had in May agreed with Access Bank Plc to purchase the latter’s entire share capital in its pension subsidiary, Access Pension Fund Custodian Limited.

The planned acquisition is expected to shrink to three the number of Pension Fund Custodians (PFCs) in the country – Zenith Pensions Custodian Limited, UBA Pensions Custodian Limited, and First Pension Custodian Limited.

PenCom assured stakeholders and the general public of its continued commitment and effort to ensure “the effective regulation and supervision of the pension industry”.