Access Corporation has announced regulatory approval for its acquisition of a majority equity stake in First Guarantee Pension Limited (FGPL).
This was contained in a corporate filing with the Nigerian Exchange Ltd on Monday, titled, “Access Corporation announces receipt of full regulatory approval in respect of its acquisition of majority equity stake in First Guarantee Pension Limited”, signed by its company secretary, Mr Sunday Ekwochi.
Ekwochi said the corporation had received a full regulatory approval of its acquisition of majority equity stake in FGPL.
With this development, “FGPL is now a subsidiary of the corporation and will provide a strong springboard for the corporation’s execution of its ecosystem strategy for the pension funds administration industry,” Ekwochi said.
Speaking on the development, the Group Chief Executive Officer, Access Corporation, Herbert Wigwe, said the acquisition was to ensure a globally connected community with focus on corporate governance.
Wigwe said: “This transaction is in line with our vision to create a globally connected community and ecosystem, inspired by Africa for the world.
“We will deploy our renowned culture of strong risk management, innovative technology and best practice corporate governance to deliver high standards of management and returns on pension assets to the benefit of our stakeholders.”
FGPL is a Pension Fund Administrator (PFA), licensed by the National Pension Commission to manage and invest pension funds in the employee’s Retirement Savings Account (RSA).
Access Corporation, had on May 19, announced its intention to acquire FGPL after selling its pension business, Access Pension Fund Custodian Ltd. to First Bank Holdings.