FBN Holdings Plc has announced the completion of the acquisition of 100% of the share capital of the Access Pension Fund Custodian Limited from Access Bank Plc by First Pension Custodian Nigeria Limited, a subsidiary of First Bank Nigeria Limited.
The Group, in a statement signed by Adewale Arogundade, the company secretary said: “FBNH is pleased to inform Nigerian Exchange Limited and the investment public that First Pension Custodian Nigeria Limited, subsidiary of FBNH’s flagship subsidiary, First Bank of Nigeria Limited has completed the acquisition of 100% of the share capital of Access Pension Fund Custodian Limited from Access Bank Plc, having obtained the requisite regulatory approvals.”
“The transaction has the ‘no objection’ of the Central Bank of Nigeria as well as the approvals of the National Pension Commission and the Federal Competition and Consumer Protection Commission.
“The transaction is in line with First Pension’s strategy and advances; its mission is to be the custodian of first choice, and leading pension custodian in sub-Saharan Africa,” the Group noted.
What you should know
National Pension Commission, PenCom, recently announced the acquisition of Access Pension Custodian Limited by First Pension Custodian Limited.
The commission, in a statement, explained that the acquisition is the culmination of the divestment process by Access Pension Custodian Limited from the pension custody business, the transfer of all assets under its custody to First Pension Custodian Limited and the return of its operating license to PenCom.
- According to the statement, “The National Pension Commission (PenCom) wishes to inform the general public and relevant Stakeholders that PenCom has approved the acquisition of Access Pension Custodian Limited by First Pension Custodian Limited.
- “The acquisition is the culmination of the divestment process by Access Pension Custodian Limited from the pension custody business, transfer of all assets under its custody to First Pension Custodian Limited and the return of its operating license to PenCom.
- “The Commission assures Stakeholders and the general public of its continued commitment to the effective regulation and supervision of the pension industry,” the Commission said.
