Access Pensions Limited, an Access Holdings affiliate, has purchased a majority share in ARM Pensions Managers Ltd.
The PUNCH reported that a majority shareholder in Access Pension, Access Golf, got the National Pension Commission’s ‘no-objection’ and the Federal Competition and Consumer Protection Commission’s permission, according to a statement issued by Access Holdings.
It stated that, subject to additional regulatory approvals, the transaction will result in the merger of ARM and Access Pensions’ operations, forming Nigeria’s second-largest Pension Fund Administrator by Assets Under Management.
The Group Chief Executive of Access Holdings, Dr. Herbert Wigwe, commented on the deal, saying, “We are pleased to have reached this transformative milestone in our pension fund administration journey.
This planned merger of ARM Pension and Access Pensions will not only create long-term stakeholder value, but will also benefit the pension industry’s growth and development. We predict a bright future for the united entity.”
The Group CEO of ARM Holding Company Limited, Jumoke Ogundare, stated that the market was ripe for consolidation and expressed confidence that the proposed combination “will create a formidable pension funds administration business leveraging Access Group’s expansive distribution network and innovation culture to deliver sustainable value to stakeholders.
As part of its continued growth strategy, Access Holdings recently purchased Megatech Insurance Brokers Limited, an insurance brokerage firm.
Access Holdings then gained preliminary approval from the Central Bank of Nigeria to establish a consumer lending subsidiary called Oxygen X Finance Company Limited.
The proposed subsidiary “will make a positive impact on the financial landscape by providing innovative and seamless digital lending solutions to address distinct challenges faced by individuals and businesses,” according to the group, which joined the ranks of companies valued at over N1 trillion on the Nigerian exchange.
