By Favour Nnabugwu

The National Pension Commission (PenCom) has announced that it had given it’s approval for the transfer of business of Access Pension Custodian Limited to First Pension Custodian Limited and operating license returned to the Commission

Access Holdings Plc has announced that its subsidiary, Access Bank Plc has completed the divestment of its entire equity interest in Access Pension Fund Custodian Limited to First Pension Custodian Nigeria Limited, a subsidiary of First Bank of Nigeria Limited.

PenCom in a Statement released to Journalists on Monday said that Access Pension Custodian divested from pension custody business and transferred all assets under it’s custody to First Pension Custodian

The acquisition, according to to PenCom, 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 license to PenCom

PenCom said that there is no cause for alarm as it has ensures that everything was done accord g to the rules and regulations of the pension industry.

“The Commission assures Stakeholders and the general public of its continued commitment to the effective regulation and supervision of the pension industry”