FCMB Pensions Limited the pension management subsidiary of FCMB Group has concluded the acquisition of a 60% stake in AIICO Pension Managers Limited after receiving the relevant regulatory approval.
With the acquisition, AIICO Pensions ceases to be a subsidiary of AIICO Insurance and has become an indirect subsidiary of FCMB Group Plc.
The 60% stake acquisition was achieved by purchasing a 33.9% stake held by AIICO Insurance Plc and a 26.1% stake held by other shareholders in AIICO Pensions.
The purchase of 33.9% of AIICO Insurance’s shareholding in AIICO Pensions by FCMB Pensions instead of the 70% initially announced was due to regulatory requirements.
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The transaction is subject to the merger of AIICO Pensions and FCMB Pensions in line with the approval from the National Pension Commission
FCMB Group in a corporate action notification on the Nigerian Exchange said the “goal is to combine the businesses of FCMB Pensions and AIICO Pensions to build a stronger and more resilient business.”
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
