Access Holdings Plc (doing business as Access Corporation) has completed its indirect equity stake acquisition in Sigma Pension.
According to a corporate disclosure obtained by entrepreneurng, Access Holdings has merged its FGPL with Sigma Pension following the acquisition.
The development came after the federal high court approved the merger scheme between Sigma and FGPL on December 1st, 2022. On that note, FGPL has been dissolved without wound up, leaving Sigma as the sole survivor.
The Prospect
Dr Herbert Wigwe, the Group Chief Executive of the Access Corporation, said synergies between the entities would create a formidable pension funds administration. He said:
Following the successful completion of the merger, our plan is to leverage the synergies of these entities as well as the corporation’s expansive distribution network, strong risk management culture and best-in-class governance standards to create a formidable pension funds administration business.
The backstory
The National Pension Commission (PENCOM) and the Federal Competition and Consumer Protection Commission (FCCPC) have approved the proposed acquisition of Actis Golf Nigeria Limited (AGNL), the owner of Sigma Pension, by First Guarantee Pension Limited (FGPL) and First Ally Asset Management Limited.
Subject to receiving all necessary regulatory approvals, the holding company intends to merge the operations of FGPL and Sigma to form Nigeria’s fourth-largest Pension Fund Administrator by asset under management.
