Access Holding Plc (the Corporation) has today 25 October 2022, announced that the National Pension Commission (PENCOM) and the Federal Competition and Consumer Protection Commission (FCCPC) have granted their approvals to the proposed acquisition of the entire issued shares of Actis Golf Nigeria Limited (AGNL), the sole shareholder of Sigma.
This is based on Access Holding Plc’s disclosure, signed by Sunday Ekwochi, the group company secretary, and filed with the Nigerian Exchange Group (NGX).
According to the information contained in the document, the acquisition is by First Guarantee Pension Limited (FGPL) and First Ally Asset Management Ltd. It is important to note that Access Holding had previously purchased a controlling equity stake in FGPL.
The report stated that “the corporation had recently announced its acquisition of majority stake in FGPL. It is intended, subject to the receipt of relevant regulatory approvals that the operations of FGPL and Sigma will be merged to create Nigeria’s fourth largest Pension Fund Administrator (PFA) by Asset Under Management.”
Speaking about this landmark transaction, Dr. Herbet Wigwe, Group Chief Executive, of Access Corporation said:
“Having concluded our divestment from the pension funds custody sector and our recent acquisition of FGPL, we are pleased with the progress we are making regarding our diversification and growth into the pension funds administration sector. We are particularly pleased to have reached this agreement with Actis. Our plan is to consolidate these entities to create a formidable pension funds administration business. The proposed consolidation will leverage the Corporation’s expansive distribution network, strong risk management culture and best-in-class governance standards to provide contributors with sustainable world-class pension fund administration services.”
Commenting on the transaction, Natalie Kolbe, Non-Executive Director of Actis, said:
“Sigma has transformed during our partnership, and we are delighted that Access, a well-respected operator, is set to support the company in its next growth phase. The market Sigma operates in is ripe for consolidation and I do not doubt that with such a capable backer, they will go from strength to strength.”
The Corporation revealed that it will keep the market updated following its disclosure obligation.
