Nigeria’s pension industry has recorded a major milestone as Leadway Holdings Limited (“Leadway”), one of the country’s most diversified financial services groups, announced the acquisition of 100% equity interest in Pensions Alliance Limited (PAL), a leading Pension Fund Administrator (PFA). The transaction involves the transfer of ownership from FSDH Holding Company Limited and Africa Alliance Insurance PLC, signaling a significant consolidation in the nation’s pension sector.
The acquisition underscores Leadway’s strategy of sustainable growth and diversification while reinforcing its position as a dominant player in Nigeria’s financial services landscape. By integrating PAL Pensions with Leadway Pensure, the Group is set to create one of the largest and most resilient pension fund administrators in the country, with expanded reach, stronger governance, and enhanced innovation.
Building Scale and Resilience
The acquisition comes at a pivotal time for PAL Pensions, which recently celebrated its 20th anniversary and the achievement of ₦1 trillion in Assets Under Management (AUM). This milestone highlights PAL’s track record of consistent growth and industry relevance. For Leadway, the move represents not only a strategic business expansion but also an opportunity to deepen its impact in the pension industry.
Commenting on the transaction, Tunde Hassan-Odukale, Group Managing Director of Leadway Holdings, described the acquisition as more than just a business deal.
“This milestone is more than a transaction, it is a reaffirmation of our belief in the future of Nigeria’s pension industry and our responsibility to contribute to its growth. By bringing PAL and Leadway Pensure together, we are building not only scale, but resilience, trust, and broader access for more Nigerians to create wealth,” he said.
According to him, the deal aligns with Leadway’s vision of balancing innovation with integrity and inclusivity while ensuring long-term value creation for customers, stakeholders, and the wider financial system.
Strategic Alignment for Growth
From the sellers’ perspective, the acquisition reflects a calculated portfolio adjustment. Segun Odusanya, Group Managing Director of FSDH, explained that the decision was strategic, aligning with FSDH’s long-term focus while ensuring PAL Pensions’ sustainability under a strong partner.
“This decision reflects our long-term strategy to sharpen our portfolio focus while ensuring PAL Pensions is well positioned for sustainable growth,” Odusanya noted, expressing confidence in Leadway’s capacity to build on PAL’s legacy.
Similarly, Sa’adu Jijji, Managing Director of PAL Pensions, commended the seamless nature of the transition and the priority given to protecting the interests of customers, employees, and stakeholders.
“Our transition into the Leadway ecosystem opens the door to industry-focused collaboration that will deliver a wider range of financial solutions, more growth, and enhanced value for all stakeholders,” he said.
Strengthening the Pension Industry
The transaction, which remains subject to regulatory approval by the National Pension Commission (PenCom), marks a defining step in the ongoing evolution of Nigeria’s pension sector. With the integration of PAL and Leadway Pensure, the Group is poised to serve millions of contributors nationwide with improved efficiency, stronger governance, and a broadened suite of pension solutions.
Since the enactment of the Pension Reform Act in 2004, Nigeria’s pension industry has recorded steady growth. This latest consolidation strengthens the system’s resilience and sustainability, while highlighting the importance of scale in driving inclusion and long-term wealth creation. As of March 2025, the industry’s Assets Under Management (AUM) stood at ₦23.33 trillion, with 10.69 million Retirement Savings Account (RSA) registrations
As integration progresses, contributors can expect a more robust, transparent, and innovative pension platform—anchored on trust and designed to secure the financial futures of millions of Nigerians.
