Access Bank to Divest from Stanbic IBTC Pension Managers

0

Access Bank Plc is to divest from Stanbic IBTC Pension Managers Limited (SIPML) in compliance with the Central Bank of Nigeria (CBN)’s regulation on the Scope of Banks Activities and Ancillary Matters.

Access Bank holds 17.56 per cent equity in SIPML. However, in a notification to the Nigerian Stock Exchange (NSE), made available yesterday, Access Bank said it had received all regulatory approvals to sell the bank’s equity shareholding in SIPML to the company’s majority shareholder, Stanbic IBTC Holdings Plc.

The filing, signed by the Company Secretary of Access Bank, Mr. Sunday Ekwochi reads: “Following the CBN’s directive to Access Bank to divest from SIPML in compliance with the CBN’s regulation on the Scope of Banks Activities and Ancillary Matters, No. 3 2010, the board of directors of the bank is pleased to announce that it has received all regulatory approvals for the sale of the banks’ 17.65 per cent equity shareholding in SIPML to the company’s majority shareholder, Stanbic IBTC Holdings Plc.”

“Further to the provisions of Rules 17 of the NSE Rules Book 2015, and Rule 187 of Rules and Regulations of SEC 2013, which regulate the disclosure of material non-public information to the NSE, we hereby notify the NSE of this transaction in view of the possible material effect it may have on the value of Access Bank’s securities listed on the NSE.”

SIPML was set up with a mission to enable Nigerians retire well after their working lives.
“We want to help people plan for their retirement to ensure that the retirement phase is as rewarding and productive to them as possible,” the company said.

SIPML has been organising nationwide campaign to raise awareness about retirement planning.
According to the company, the campaign, which was launched four years ago, is part of initiatives aimed at encouraging retirement planning amongst Nigerian workers and employers.

About 600 participants attended the 2016 forum in Lagos where they gained very valuable tips from seasoned experts and regulators on the imperative of putting in place effective plans to ensure a smooth transition to retirement.

Meanwhile, trading resumed at the stock market on a negative note as the NSE All-Share Index fell by 0.38 per cent to close at 25,244.29. The depreciation recorded in the share prices of Access Bank, Nigerian Breweries, Oando, ETI and Stanbic IBTC were mainly responsible for the loss recorded in the NSE ASI.