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Access Bank’s parent firm to acquire Sigma Pensions, merge First Guarantee

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National Pension Commission (PENCOM) and the Federal Competition and Consumer Protection Commission (FCCPC) have approved the acquisition of Sigma Pensions Ltd by Access Bank’s parent firm, Access Holdings.

Access Holdings is making the acquisition through its recently acquired subsidiary, First Guarantee Pension Limited (FGPL), and First Ally Asset Management Ltd (First Ally).

In a corporate document to its shareholders on Tuesday, and seen by Ripples Nigeria, Access Holdings informed its shareholders that the shares of Actis Golf Nigeria Ltd (AGNL), the sole shareholder of Sigma Pensions, will be purchased.

This will give Access Holdings control over Sigma Pensions, which would eventually lead to the merger of First Guarantee Pension Limited and Sigma Pensions.

Read also:Access Bank to acquire $300m worth Angolan firm, Finibanco

It was learnt that the merger would make the Pension firm under Access Holdings Nigeria’s fourth largest Pension Fund Administrator (PFA) by Assets Under Management.

Speaking to the investing public through the document, Access Holdings’ Group Chief Executive, 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 sectorn 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. 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.”

According to the Non-Executive Director of Actis, Natalie Kolbe, “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.”

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