The National Pension Commission (PENCOM) and the Federal Competition and Consumer Protection Commission (FCCPC) have approved the proposed acquisition by First Guarantee Pension Limited (FGPL) and First Ally Asset Management Limited of the entire issued shares of Actis Golf Nigeria Limited (AGNL), owner of Sigma Pension.
This is according to a corporate disclosure by Access Holdings Plc as seen by Nairametrics.
Recall that Access Holdings is the parent company of FGPL by virtue of its recent acquisition of a majority equity stake in the Pension Fund Administrator.
Subject to receiving all relevant regulatory approvals, Access Holdings intends to merge the operations of FGPL and Sigma to create Nigeria’s fourth-largest Pension Fund Administrator by asset under management.
What Access Holdings said
While commenting on the transaction, Dr. Herbert Wigwe, the Group Chief Executive Officer of Access Corporation said:
- “Having concluded our divestment from the pension funds custody sector and our recent acquisition of FGPL, we are pleased with the progress we are making regarding our diversification and growth into the pension funds administration sector.
- “We are particularly pleased to have reached this agreement with Actis. Our plan is to consolidate these entities to create a formidable pension funds administration business. The proposed consolidation will leverage the corporation’s expansive distribution network, strong risk management culture, and best-in-class governance standards to provide contributors with sustainable world-class pension funds administration services”
What Actis said
Also speaking on the transaction was Natalie Kolbe, a Non-Executive- Director of Actis. She said;
“Sigma has transformed during our partnership, and we are delighted that Access. A well-respected operator is set to support the company across its next phase of growth. The market Sigma operates in is ripe for consolidation and I have no doubt that with such a capable backer, they will go from strength to strength.”
The Corporation will update the market in accordance with its disclosure obligations.
