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FCMB Pensions Limited enters into an agreement to acquire 96% of AIICO Pensions Limited

The enlarged pension business will benefit from FCMBs extensive distribution platform.

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Ladi Balogun CEO FCMB Group

FCMB Group notified the Nigerian Stock Exchange that it’s pensions arm, FCMB Pensions Limited has entered into an agreement to acquire 96% of Aiico Pensions Limited.

This appears to be part of a deliberate strategy to grow the Group’s investment management portfolio and build on the inherent synergies between this and banking. It will be recalled that FCMB Group increased its stake in Legacy Pensions (now FCMB Pensions) to 91.6 pecent in 2019 and now has full control of the business.

FCMB Pensions has since grown its assets under management (AUM) to N325 billion with 350,000 customers as at March 2020, while that of AIICO Pensions is estimated at N126 billion with over 240,000. A combined AUM of N451 billion and almost 600,000 customers will take the entire Groups customer base to 8,000,000 and its total AUM (inclusive of all investment management activities) to over N560 billion. In addition, the enlarged pension business will benefit from FCMBs extensive distribution platform, comprising of 200 branches, a strong web and mobile presence; and the recent launch of its Pensions’ online enrolment platform.

READ ALSO: FCMB profit up 9.2% surges to N20 billion

Analysts have already seized on the announcement expressing broadly positive views of its impact for both FCMB Pensions and FCMB Group. One investment banking analyst described it as “a positive move and a statement of intent from FCMBs management to leverage its non-banking businesses to drive profitability”. Another analyst described this as a “Landmark transaction giving a mid-tier player a great opportunity to bulk up”, further remarking that “We believe the combined entity will be better positioned for stronger organic AUM growth and fee income contribution to the Group’s performance”

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This acquisition is one of several proactive steps, along with digitisation that the company has embarked upon to enhance its market position and competitiveness as the industry braces itself for the commencement of Retirement Savings Account (RSA) portability.

READ MORE: First City Monument Bank Ltd issues N20 billion commercial paper

Investment funds’ performance is also receiving greater attention, especially in the low-interest rate environment. In this regard, FCMB Pensions has strengthened its investment committee with the addition of Mrs. Titi Odunfa Adeoye to its Board of Directors. Mrs. Adeoye is the Founder and Chief Investment Officer of Sankore. The new Director holds an MBA from Harvard Business School, a BBA in Accounting (summa cum laude) from Howard University and is a Certified Public Accountant (Gold Award). Mrs. Adeoye’s skills in investment strategy were honed at firms like Goldman Sachs in New York. Her area of expertise is strategies for the creation, growth and preservation of individual or family wealth with a focus on “alternative” asset classes.

Speaking about Friday’s announcement, Mr Ladi Balogun, Chairman of the Board of Directors – FCMB Pensions, remarked that “the business intends to use its scale to positive effect towards investing in the growth of the Nigerian economy while ensuring safety and the most competitive returns for its customers”.

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Corporate Press Releases

Global Credit Rating reaffirms Sovereign Trust Insurance Plc ‘A-‘rating

Global Credit Rating Limited has reaffirmed an A-rating for Sovereign Trust Insurance Plc.

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Sovereign Trust Insurance blames IT failure for delaying its 2019 financial statement

Global Credit Rating Limited, an international rating agency, has reaffirmed an A-rating for Sovereign Trust Insurance Plc.

According to a press release signed by the firm’s Deputy General Manager, Olusegun Bankole, and seen by Nairametrics, the insurance firm has consistently maintained its rating for over a decade now.

The key drivers that helped in the reaffirmation of the A-rating by the firm are;

  • Consistency in paying her claims obligations over the years, as captured in an earlier solvency and operational report for financial institutions in Nigeria and other allied businesses, released by the rating agency in December 2020.
  • Listing of rights issue in 2019 which helped to increase the shareholders’ funds of the company to N8.2 billion as at Q3 2020, up by 31% Year-on-Year. This played a catalyst role in maintaining the A-rating status of the firm.
  • The capital adequacy of the firm was also pivotal.

According to the information available on the website of the rating agency, the A-rating reflects high claims-paying ability, strong protection factors, modest risk which may vary over time due to economic and/or underwriting conditions.

This fact was buttressed by a section in the press release which reads:

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  • Sovereign Trust Insurance Plc has great potentials for growth in the years ahead, considering some of the strategies that have been put in place to propel its operations. Global Credit Rating noted that the company has shown a great deal of consistency in her claims obligations to her numerous customers spread all over the country.”

About Global Credit Rating Limited

  • Global Credit Rating Co (Pty) Ltd (GCR) operates as a credit rating services provider. The Company ratings for banks, financial institutions, insurance, corporate and public sector debt, and structured finance serves customers worldwide.

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Corporate Press Releases

Range Developments: Citizenship-by-Investment in Grenada

Range Developments is the largest and most successful hospitality developer in the Eastern Caribbean engaged in the Citizenship by Investment sphere. 

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Citizenship by Investment is the process of obtaining a second citizenship and passport by investing in the economy of the host country. Located in the West Indies in the Caribbean Sea is Grenada – a country which offers Citizenship by Investment to willing investors. This program was restructured and relaunched by Grenada in 2013 and it offers a low cost entry for a second passport for willing Investors. Grenada as a country is enriched with exquisite cuisine, excellent healthcare and education systems. In addition, it is one of the safest nations in the Caribbean and its citizenship by investment programs is one of the most sought-after citizenship programs in the world due to many advantages Grenadian citizenship entails

Range Developments is the largest and most successful hospitality developer in the Eastern Caribbean engaged in the Citizenship by Investment sphere.  With years of expertise under its belt, Range Developments offers the most desirable process for acquisition of Citizenship by Investment in Grenada. All you need as an Investor and prospective Grenadian citizen is $220,000 (two hundred and twenty thousand US Dollars) in addition to applicable fees. Through this process, an Investor gets their Grenadian passport in 90-120 days without the need to reside in or even visit Grenada. Further, no interview, education or management experience is required for an Investor.

www.tbfoto.com.br PARK HYATT ST KITTS – ST KITTS & NEVIS – APRIL/2018 Photo: Tadeu Brunelli

By participating in the Citizenship-by-Investment project in Grenada, Investors will enjoy global benefits and a secure investment in one of the world’s most renowned hospitality brands. Some other perks of obtaining Grenadian citizenship through Citizenship-by-Investment with Range Developments include:

  • Visa-free travel and visa-on-arrival to over 140 countries worldwide including Schengen member States, the United States of America (USA), the United Kingdom, China, Russia and many more;
  • Access to the USA Investor E-2 Visa (which allows citizens of Grenada to operate a substantial business and also reside in the USA);
  • Eligibility of family members (siblings, children and parents) for Grenadian citizenship;
  • Right to hold dual citizenship;
  • Citizenship for life in Grenada with the right to live and work in the country;
  • Enjoying political and social security;
  • Tax benefits and incentives (such as no foreign income, wealth, gift, inheritance or capital gains tax, etc).

For more information, Range Developments may be contacted at +97143253447. You may also reach out on Whatsapp at +971527324097 or via email at [email protected]

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Appointments

Pfizer appoints Patrick van der Loo as Regional President for Africa and the Middle East

Patrick’s Pfizer experience spans more than 20 years in leadership roles with multiple successes across geographies.

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Pfizer (www.Pfizer.com) announced today the appointment of Patrick van der Loo as Regional President for Africa and the Middle East (AfME) region. Patrick’s Pfizer experience spans more than 20 years in leadership roles with multiple successes across geographies. In his new role as Regional President for AfME, Patrick will lead commercial operations to bring scientific breakthroughs in vaccines, oncology, rare diseases, internal medicine, hospitals, and inflammation & immunology, to serve patients.

READ: Pfizer/BioNTech Covid-19 vaccine appears effective against key mutation – Study reveals

Commenting on his appointment, Patrick said: “This year has made me even more grateful and proud to be part of Pfizer. The global pandemic has accentuated our purpose as a company and reinforced our commitment to patients and communities worldwide. AfME is home to some of the world’s fastest-growing markets with increasing demand for innovative health treatments and services. Overall, the region has shown remarkable resilience due to strong leadership and sound policies.”

READ: OPEC cites vaccine as most important factor for oil in 2021 as Nigeria pushes for cuts

He added: “Pfizer has been operating for over 60 years in AfME. I look forward to continuing this journey and bringing our breakthroughs to address unmet patient needs. My top priority will remain to work with our teams to ensure greater access to our medicines across our strategic therapeutic areas. We will seek even stronger collaboration with healthcare professionals, communities, and governments to change the lives of millions of people and protect them from tomorrow’s health threats.”

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READ: Nigeria contributes about 75% of West Africa’s regional GDP – AfDB

Patrick has been passionate about the pharmaceutical and healthcare industry from the start of his career. He has managed some of Pfizer’s largest therapeutic areas in cardiovascular and neuroscience globally and led the commercial development efforts of a 500+ molecule business.

READ: 40 years old British airline grounded due to drop in travels

In his previous role, Patrick served as the Developed Asia Cluster Lead and General Manager for Pfizer’s Hospital Business Unit, responsible for leading and executing Pfizer’s commercial and cultural strategy in Japan, Korea, Australia, and New Zealand. Before this role, Patrick worked as the Emerging Asia Cluster Lead for the Pfizer Essential Health business.

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