Access Holdings Plc has disclosed that Access Golf Nigeria Limited, a majority shareholder of Access Pensions Limited and a subsidiary of Access Holdings, has received the necessary regulatory clearances for its proposed acquisition of a majority equity stake in ARM Pensions Managers (PFA) Limited (ARM).
According to the statement made available to Nairametrics, the National Pension Commission and the Federal Competition and Consumer Protection Commission have both granted their ‘no-objection’ and approval, respectively, for the transaction.
Subject to the receipt of relevant regulatory approvals, it is intended that following the acquisition, the operations of ARM and Access Pensions will be merged to create Nigeria’s second largest Pension Fund Administrator (PFA) by Assets Under Management.
What Access Holdings Plc said
Commenting on this transaction, the Group Chief Executive, of Access Holdings, Dr. Herbert Wigwe, said:
- “We are pleased to have reached this transformative milestone in our pension fund administration journey. The proposed combination of ARM Pension with Access Pensions will not only create sustainable stakeholder value but will also contribute positively to the growth and development of the pension industry. We anticipate an exciting future for the combined entity.”
What ARM Holding Company Limited said
Speaking on the transaction, the Group CEO of ARM Holding Company Limited Jumoke Ogundare, said:
- “The market in which we operate is ripe for consolidation and I am confident that the proposed combination will create a formidable pension funds administration business leveraging Access Group’s expansive distribution network and innovation culture to deliver sustainable value to stakeholders.”
The statement from the group noted that the completion of this transaction is contingent upon obtaining all requisite regulatory approvals. Access Holdings remains committed to keeping the market informed in line with its disclosure obligations.
What you should know
Nairametrics reported recently that Access Holdings announced that its flagship subsidiary, Access Bank PLC (Access Bank) has entered into a definitive agreement with the Ugandan-based Finance Trust Bank (FTB) and its selling institutional shareholders for the acquisition of a majority equity stake in FTB.
This was contained in a notice to the Nigerian Exchange Limited, the investment public, and made available to Nairametrics.
The deal will also see Access Bank concurrently acquiring the shares currently held by FTB’s Institutional Shareholders who have sought to exit to a strategic, long-term shareholder.
Estimated 80% shareholding in FTB
According to a statement from the Group. the transaction is subject to regulatory approvals by the Central Bank of Nigeria and Bank of Uganda and is expected to close in the first half of 2024, following the fulfillment of customary conditions precedent. Following the anticipated closing of the transaction, Access Bank would own an estimated 80% shareholding in FTB.
It noted that coming at a time when commercial banks in Uganda are looking to increase their capital, this strategic acquisition presents an opportunity for Access Bank to partner with FTB and its stakeholders to create more significant opportunities for financial inclusion, product diversification, and, ultimately, greater customer-centricity.
Access Bank’s presence in over 20 countries globally presents a robust platform that FTB’s customers can leverage to boost trade opportunities with the rest of the world.
