Access Holdings Plc (NGX: ACCESSCORP) has received full regulatory approval for its acquisition of majority equity stake in First Guarantee Pension Limited (FGPL). The Banking corporation announced the receipt of the approval via a corporate action it released to the Nigerian Exchange Limited.
Following this development, First Guarantee Pension Limited is now a subsidiary of ACCESSCORP, and is expected to provide a strong springboard for the Corporation’s execution of its ecosystem strategy for the pension funds administration industry.
Speaking on this development, Dr. Herbert Wigwe, Group Chief Executive Officer, Access Corporation said:
“This transaction is in line with our vision to create a globally connected community and ecosystem; inspired by Africa for the world.
“We will deploy our renowned culture of strong risk management, innovative technology and best practice corporate governance to deliver high standards of management and returns on pension assets to the benefit of our stakeholders.”
ACCESSCORP had on 19 May, 2022 announced that it had entered into a definitive agreement with First Guarantee Pension Limited, regarding the acquisition of majority equity stake in the company.
A day earlier on 18th May, 2022, Access Holdings Plc announced a plan by Access Bank, its banking subsidiary to divest from its pension custody subsidiary. According to a statement released at the time, Access Bank Plc, had entered into a definitive agreement with First Pension Custodian Nigeria Limited, a subsidiary of First Bank of Nigeria Plc.
First Guarantee Pension Limited (FGPL) is a Pension Fund Administrator (PFA) incorporated on 5 August 2004 under the Pension Reform Act, 2014 and licensed by the National Pension Commission (PENCOM) to manage and invest pensions on behalf of public and private sector employees. Our final operating license as a Pension Fund Administrator (PFA) was granted 13 January 2006.
With an authorized share capital of NGN1.00 billion, and a paid up capital of N922.00 million, FGPL is owned by Nigerian shareholders comprising of individuals and corporate bodies.
First Pension Custodian, a holly owned subsidiary of First Bank of Nigeria Plc acts as the technical partner to FGPL, and is the pension fund custodian for FGPL’s Retirement Savings Account (RSA) accounts.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur