Access ARM Pensions Limited has officially commenced operations with N3 trillion in Assets Under Management.
In a statement on Thursday, the newly formed entity—resulting from the merger of Access Pensions Limited and ARM Pension Managers Limited—aims to improve pension coverage across Nigeria, especially in the informal sector, according to The Punch.
The National Pension Commission recently approved the merger, noting that Access ARM Pensions now accounts for 15% of the total assets in Nigeria’s pension industry and serves over two million Retirement Savings Account holders.
Commenting, the Managing Director of Access Pensions Limited, Dave Uduanu
emphasized the potential of the new entity, stating that it aims to significantly enhance pension accessibility and benefits for Nigerians, particularly within the informal sector.
He said, “This is the biggest merger in the pension industry. Access and ARM were number two and four in the industry, and coming together allows us to create a PFA with N3tn in AUM. It is an opportunity to build a brand that we can all be proud of.”
Uduanu further stressed the company’s commitment to innovation and its focus on the informal sector, highlighting plans to develop tailored pension solutions that meet the unique needs of this demographic.
“We plan to leverage technology to expand pension coverage. Our onboarding strategy for micro-pensions will be instrumental in reaching Nigerians who are currently underserved in terms of retirement savings,” he added.
The newly merged entity boasts total shareholders’ funds exceeding N20 billion, significantly above the regulatory requirements.
Uduanu noted the evolution of the pension industry since the introduction of the Contributory Pension Scheme, highlighting how it has transformed retirement savings and increased participation across various sectors.
“The industry has experienced tremendous growth with average annual increases of 15-20 per cent,” he stated.
The acting Chairman of Access ARM Pensions Limited, Austin Opara, reaffirmed the board’s commitment to the brand’s success.
“We are dedicated to making Access ARM Pensions a strong and reliable entity. For those who are not yet satisfied, we will work to earn your trust,” he said.
Reflecting on the merger, former Managing Director of ARM Pension Managers Limited, Wale Odutola, expressed confidence in the new entity’s potential.
“Together, we will leverage our combined resources to drive innovation and excellence in pension fund management,” he expounded.
