First Pension Custodian Nigeria Limited, a flagship subsidiary of First Bank of Nigeria Limited has concluded the acquisition of 100 percent of the share capital of Access Pension Fund Custodian Limited from Access Bank Plc.
According to a disclosure signed by Adewale Arogudade, the company’s secretary, and filed with the Nigeria Exchange Limited, FBN Holdings Plc stated that the acquisition was made after the company received the required regulatory approvals.
Extract from the filing which is titled: “NOTICE OF COMPLETION OF THE ACQUISITION OF ACCESS PENSION FUND CUSTODIAN LIMITED BY FIRST PENSION CUSTODIAN NIGERIA LIMITED” reads;
“FBN Holdings Plc is pleased to inform Nigerian Exchange Limited and the investing public that First Pension Custodian Limited, a subsidiary of FBNH’s flagship subsidiary, First Bank of 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 transaction has 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.”
The bank further disclosed that the acquisition is in line with First Pension’s growth strategy and advances its mission of leading pension custodian in sub-Saharan Africa by becoming the “custodian of the first choice.”
What you should know
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The National Pension Commission in September 2022, announced the approval of the acquisition of Access Pension Custodian Limited by First Pension Custodian Limited.
The acquisition is the peak of the divestment process by Access Pension Custodian Limited from the pension custody business, the transfer of all assets under its custody to First Pension Custodian Limited, and the return of its operating license to PenCom.
PENCOM also assured Stakeholders and the general public of its continued commitment to the effective regulation and supervision of the pension industry
