There are reports that Leadway Holdings is set to acquire PAL Pensions, in a deal that expands the group’s footprint in Nigeria.
The development was confirmed through an internal memo shared with staff earlier this week.
Although there is no formal statement from the two financial institutions or regulator, however, a staff member, who spoke with Nairametrics on condition of anonymity, said the acquisition had been rumored for weeks but was only recently confirmed through an internal memo
“Yes, Leadway has acquired PAL Pensions. Though we had been hearing about it for some weeks, an official memo has now been received to confirm it,” the source said.
More Details in the Coming Weeks
He added that the integration process will be rolled out in the coming weeks, with further details to be communicated to stakeholders and customers.
The MD further praised employees for their role in the company’s success, noting:
“The acquisition is a proud moment for us all, and it is your hard work, dedication, and commitment that make such achievements possible.”
What You Should Know
This acquisition comes barely two months after the sale of a significant stake in First HoldCo by Hassan-Odukale, Leadway Holdings, and its subsidiaries.
- RC Investments purchased 2.647 billion shares from entities linked to the former chairman of First Bank of Nigeria, Tunde Hassan-Odukale.
- The entities involved included Leadway Holdings, Leadway Pensure PFA, Haskal Holdings, and Leadway/NNPC Staff Pension Investment.
Industry analysts suggest that the acquisition of PAL Pensions signals Leadway Holdings’ ambition to consolidate its presence in Nigeria’s financial services sector, especially in pensions, which remains one of the most competitive segments of the Nigerian capital market.
Highly impressed about the latest development by the Leadway Insurance Company