Abimbola Sulaiman has been appointed Acting Managing Director and Chief Executive Officer of Access ARM Pensions, according to information published on the company’s website.
She replaces Dave Uduanu, who exited the role in compliance with the National Pension Commission’s (PenCom) tenure limits for Pension Fund Administrator (PFA) CEOs, which cap service at ten years.
Uduanu’s exit follows the regulatory requirement for leadership renewal within the pension industry, even after the 2022 merger of Access Pensions and ARM Pension Managers, which created Access ARM Pensions.
This also appears to be the first major exit over tenure rule in the PFA space.
Access ARM Pension did not make any official announcement about the new appointment.
Why it matters
PenCom’s corporate governance guidelines are designed to prevent prolonged leadership entrenchment and enforce structured succession across licensed pension operators.
Specifically, Managing Directors of PFAs are allowed to serve for a maximum of 10 cumulative years, regardless of restructuring or mergers and must exit once that limit is reached.
PenCom also mandates that acting appointments into key roles, including MD/CEO, must not exceed six months, and no extension is permitted.
As such, Access ARM Pensions is required to appoint a substantive MD/CEO within that period and obtain regulatory approval.
About the outgoing MD
Dave Uduanu is one of the most experienced figures in Nigeria’s pension industry.
Prior to leading Access ARM Pensions, he served as the Managing Director of Sigma Pensions and later of Access Pensions, playing a key role in sector consolidation and investment strategy.
His departure aligns with a broader regulatory shift aimed at standardising governance frameworks and reinforcing oversight across PFAs.
Who is Abimbola Sulaiman?
Sulaiman brings over two decades of experience in investment and asset management across local and global markets.
- Before this appointment, she was Executive Director, Investment at Access ARM Pensions, where she led the firm’s portfolio strategy and performance.
- She previously served in the same role at ARM Pension Managers prior to the merger.
- Her global experience includes positions at Fidelity Management & Research (USA) and Allan Gray. She holds a degree in Chemical Engineering, an MBA from The Wharton School, and is a CFA charterholder.
In her acting capacity, she will oversee daily operations and investment activities, pending the appointment of a substantive chief executive.
PenCom rules on acting appointments and MD tenures
PenCom’s Revised Guidelines on Appointments to Boards and Senior Management state that in the event of an unplanned vacancy, PFAs must nominate a qualified person in an acting capacity and immediately seek regulatory approval.
- However, acting tenures must not exceed six (6) months, and no extension is allowed, meaning a permanent successor must be appointed within that time.
- While the revised appointment guidelines don’t specify a fixed term length for MDs/CEOs, the Corporate Governance Guidelines for PFAs—which are now referenced as part of the appointment criteria—clearly cap tenure at ten years.
Additionally, any candidate for MD/CEO must have at least 20 years post-qualification experience, with a minimum of 15 years in financial services, and 10 years in top management roles.
Read the full guidelines here (PenCom PDF)
What you should know
- The merger of Access Pensions and ARM Pension Managers was concluded in 2022, creating Access ARM Pensions as one of the largest PFAs in the country.
- Uduanu had been at the helm before and after the merger, and his total time as CEO across roles triggered the 10-year regulatory cap.
- The push by PenCom to enforce leadership limits is part of a broader effort to professionalise and de-risk the pension sector, which currently manages over N18 trillion in retirement savings.
- For more context on the pension industry and recent leadership changes, see:
- Nigeria’s pension industry hits N18.4 trillion in assets – Nairametrics
- ARM, Access Pensions complete merger – Nairametrics
- PenCom releases revised board and senior management appointment rules – Nairametrics
God Who helped the former CEO through will also see you through.