By Favour Nnabugwu
Access Holdings Plc, trading as Access Corporation ha been granted approval by the National Pension Commission (PenCom) and the Federal Competition and Consumer Protection Commission (FCCPC) to First Guarantee Pension Limited (FGPL) and First Ally Asset Management Limited (First Ally)of Sigma Pensions Ltd
FGPL and First Ally to acquire the entire issued shares of Actis Golf Nigeria Limited (AGNL) being the sole shareholder of Sigma by extension Sigma Pensions Limited (Sigma).
The Corporation had recently announced its acquisition of majority equity stake in FGPL. 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.
Commenting on this landmark transaction, Group Chief Executive, Access Corporation,. Dr. Herbert Wigwe said, “Having concluded our divestment from the pension funds custody sector and our recent acquisition of FGPL, we are pleased with the progress we are making regarding our 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 further stated, “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.”
Speaking on the transaction, Natalie Kolbe Non-Executive Director of Actis, Mr. Natalie Kolbe noted, “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. The market Sigma operates in is ripe for consolidation and I have no doubt that with such a capable backer, they will go from strength to strength.”
The Corporation promised to update the market in accordance with its disclosure obligations.