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Access Holdings Completes Acqusitrion of Indirect Stake in Sigma Pension
Access Holdings Plc (which trades as Access Corporation) has completed its acquisition of an indirect equity stake in Sigma Pension.
A corporate disclosure made available to Business Hilights averred that following the acquisition, Access Holdings has merged its FGPL with Sigma Pension.
The development followed the sanction of the scheme of merger between Sigma and FGPL by the federal high court on December 1st 2022. On this note, FGPL has been dissolved without winding up, leaving Sigma as the surviving entity.
The Prospect: Dr Herbert Wigwe, the Group Chief Executive of the Access Corporation, said synergies between the entities would be used to 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) approved the proposed acquisition by First Guarantee Pension Limited (FGPL) and First Ally Asset Management Limited of the entire issued shares of Actis Golf Nigeria Limited (AGNL), owner of Sigma Pension.
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The holding company intends to merge the operations of FGPL and Sigma to create Nigeria’s fourth-largest Pension Fund Administrator by asset under management subject to receiving all relevant regulatory approvals.