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Home Business News

FCMB Acquires additional stake in Legacy Pension Managers

Onome Ohwovoriole by Onome Ohwovoriole
October 24, 2017
in Business News, Company News, Corporate deals
FCMB Acquires additional stake in Legacy Pension Managers

Ladi

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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.

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FCMB shares closed at N1.04 in today’s trading session on the NSE.

Here is a copy of the notice.


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Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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