Ebere Nwoji
Access Holdings Plc, the parent body for Access Pensions Limited has announced the acquisition of majority equity stake in ARM Pensions Managers (PFA) Limited.
Access Holdings said the development was part of its ongoing growth strategy.
Access Golf Nigeria Limited (‘Access Golf’), is a majority shareholder of Access Pensions Limited (‘Access Pensions’) which is a subsidiary of Access Holdings.
The organisation said it has received the ‘no-objection’ of the National Pension Commission and the approval of the Federal Competition and Consumer Protection Commission for its proposed acquisition of a majority equity stake in ARM Pensions Managers (PFA) Limited (‘ARM’).
It however said the deal is subject to the receipt of relevant regulatory approvals, adding that it was intended that following the acquisition, the operations of ARM and Access Pensions would be merged.
Commenting on this transaction, the Group Chief Executive, Access Holdings, Dr. Herbert Wigwe said: “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.”
Speaking on the transaction, the Group CEO of ARM Holding Company Limited, 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.”
The firms however said the completion of the transaction was contingent upon obtaining all requisite regulatory approvals. Access Holdings said it would remains committed to keeping the market informed in line with its disclosure obligations.
Access Holdings Plc is a leading multinational financial services group that offers commercial banking, lending, payment, insurance, and asset management services.
With headquarter in Lagos, Access Holdings operates through a network of more than 700 branches and service outlets, spanning three continents, 20 countries, and 60+ million customers.
Access Holdings said it transitioned into a holding company to drive rapid growth and become a full-scale ecosystem player offering interconnected services across customer needs.
