FBN Holdings Plc (NGX: FBNH) has informed the Nigerian Exchange Limited and the investing public that a subsidiary of First Bank of Nigeria Limited; First Pension Custodian Nigeria Limited has completed the acquisition of 100% of the share capital of Access Pension Fund Custodian Limited from Access Bank Plc, having obtained the requisite regulatory approvals.
The information was contained in a corporate disclosure signed by Adewale L.O Arogundade, the Acting Company Secretary, and released on The Exchange.
FBNH stated that the transaction has the “no objection” of the Central Bank of Nigeria as well as the approvals of the National Pension Commission and the Federal Competition and Consumer Protection Commission.
Investogist had reported on 1st September that Access Bank Plc has divested its entire equity interest in Access Pension Fund Custodian Limited to First Pension Custodian Nigeria Limited, a subsidiary of First Bank of Nigeria Limited
FBNH says the acquisition is in line with the First Pension’s growth strategy and advances its mission to be the “custodian of first choice,” and leading pension custodian in sub-Saharan Africa.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur