Access Holdings Plc has announced its intention to acquire indirect equity stake in Sigma Pensions Limited.
The Holding company, in a statement signed by the group
company secretary, Sunday Ekwochi, said, the National Pension Commission
(PenCom) and the Federal Competition and Consumer Protection Commission (FCCPC)
have granted their approvals to the
proposed acquisition by First Guarantee Pension Limited (FGPL) and First Ally
Asset Management Limited of the entire issued shares of Actis Golf Nigeria
Limited (AGNL) and by extension Sigma Pensions Limited.
AGNL is the sole shareholder of Sigma.
Access Holdings 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.
Speaking on this landmark transaction, group chief
executive, Access Holdings, 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 noted that 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, non-executive director of
Actis, Natalie Kolbe said: “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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