Regulator approves Access Corporation’s acquisition of First Guarantee Pension

Access Corporation has revealed that the company received regulatory approval for the acquisition of First Guarantee Pension Limited (FGPL), but didn’t disclose which of the regulators approved the deal.

The acquisition of First Guarantee Pension Limited places the deal under the approval of two industry regulators; the National Pension Commission (PenCom) and Central Bank of Nigeria (CBN).

In a statement released on Monday, signed by the company’s Secretary, Sunday Ekwochi, Access Corporation said First Guarantee Pension Limited is now officially a subsidiary under its operation.

Ripples Nigeria had reported that First Guarantee Pension Limited has a troubled past tied up in a management crisis that led to the pension regulator sacking the management in 2011, and maintaining authority for over five years.

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Note that the Retirement Savings Accounts (RSA) managed by First Guarantee Pension, are held by First Pension Custodian, a wholly owned subsidiary of First Bank Holdings, which acquired Access Pension Fund Custodian Limited from Access Corporation.

In the latest development, Access Corporation said, “Following 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.”

Access Corporation’s Group Chief Executive Officer, Herbert Wigwe, said the transaction is in line with the firm’s vision to create a globally connected community and ecosystem.

Wigwe added that, “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.”

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