Business Hilights
Tracking Nigeria's Headline Business News Online

FCMB Group now owners of Legacy Pension

In its efforts to drive conglomerate expansion, FCMB Group Plc has successfully completed the acquisition of an additional 60 per cent equity stake in Legacy Pension Managers Limited (Legacy).

Legacy Pension Managers Limited is licensed by the National Pension Commission, to carry on business as a Pension Fund Administrator (PFA). It has over N220billion assets under management comprising, retirement savings accounts, retiree accounts as well as privately managed pension funds for institutions. It has over 350,000 pension contributors which it services from 48 locations across the country.

The acquisition, which increases the holding company’s interest in the company from 28.2 per cent to 88.2 per cent, was concluded at the Completion Board Meeting of Legacy on Tuesday, in Abuja.

The completion of the transaction follows the approvals of the Central Bank of Nigeria (CBN), the National Pension Commission (PENCOM), and the Securities and Exchange Commission (SEC).

Whereas industry observers say the Group’s acquisition of Legacy Pension is set to open a new vista of sustained growth for Legacy through the enhanced distribution and market presence, the deal will also drive FCMB to deeper profitability.

To many experts, Legacy Pension is now better positioned to grow its market share, compete effectively on the Retirement Savings Account (RSA) portability, and also enter the micro-pensions segment in the informal market by leveraging on the FCMB’s network, the retail and commercial banking arm of FCMB Group.

Business Hilights recalls that other members of FCMB Group Plc include: First City Monument Bank Limited, FCMB Capital Markets, CSL Stockbrokers Limited, CSL Trustees Limited, First City Asset Management Limited, FCMB Microfinance Limited and now, Legacy Pension Managers Limited.

Additional statistics on the group showed it has over 4.3 million customers and 204 branches in Nigeria and a banking subsidiary in the United Kingdom through FCMB Bank (UK) Limited (which is authorised by the Prudential Regulation Authority (PRA), and regulated by the Financial Conduct Authority (FCA) and the PRA in the United Kingdom).