Access Holdings Plc has unveiled a pivotal development in its strategic growth trajectory with the announcement of a proposed acquisition that is poised to reshape the landscape of pension fund administration in Nigeria. Access Golf Nigeria Limited, a majority shareholder of Access Pensions Limited, a subsidiary of Access Holdings, has secured the ‘no-objection’ from the National Pension Commission and approval from the Federal Competition and Consumer Protection Commission for its acquisition of a majority equity stake in ARM Pensions Managers Limited (‘ARM’).
A Transformative Merger:
Subject to the fulfilment of regulatory requirements, Access Holdings envisions a groundbreaking merger where the operations of ARM Pensions Managers Limited and Access Pensions Limited will join forces. This dynamic integration is poised to create Nigeria’s second-largest Pension Fund Administrator (PFA) by Assets Under Management (AUM). This strategic move positions Access Holdings at the forefront of the industry, signaling a transformative milestone in its pension fund administration journey.
Herbert Wigwe, the Group Chief Executive of Access Holdings, expressed his satisfaction with this significant development, stating, “We are pleased to have reached this transformative milestone in our pension fund administration journey.” The combination of ARM Pension and Access Pensions is not merely a consolidation of assets but a strategic move designed to generate sustainable stakeholder value and contribute positively to the overall growth and development of the pension industry in Nigeria.
Prospects for a Robust Future:
Jumoke Ogundare, the Group CEO of ARM Holding Company Limited, emphasized the ripe conditions for consolidation in the market, expressing confidence in the proposed combination’s ability to create a formidable pension funds administration business. Leveraging Access Group’s expansive distribution network and innovation culture, the combined entity is poised to deliver sustainable value to stakeholders. Ogundare anticipates an exciting future for the merged PFA, highlighting the strategic advantages that the collaboration will bring to the industry.
Regulatory Approvals as the Final Frontier:
While the ambitious merger plan has been met with enthusiasm, the completion of this transaction is contingent upon obtaining all requisite regulatory approvals. The National Pension Commission and the Federal Competition and Consumer Protection Commission’s ‘no-objection’ and approval mark significant steps forward, but the ultimate realization of this strategic move hinges on the successful navigation of the regulatory landscape.
In 2022, Access Holdings acquired Sigma Pensions and First Guarantee to form Access Pensions
