In a notice sent to the Nigerian Stock Exchange today, FCMB Group has announced the acquisition of a 60% stake in Legacy Pension Managers. The proposed acquisition will increase FCMB’s stake in the company to 88.2%, making Legacy Pension Managers a subsidiary of the bank.
The acquisition is subject to the approval of the National Pension Commission, Securities and Exchange Commission (SEC), and the Nigerian Stock Exchange.
Legacy Pension Managers Limited is a private limited liability company incorporated on 7th of April 2005. Legacy Pension is a wholly owned Nigerian PFA with First City Monument Bank (FCMB) being the major shareholder amongst 18 investors.
FCMB shares closed at N1.04 in today’s trading session on the NSE.
Here is a copy of the notice.