On Tuesday, Access Holdings Plc, which trades under the name Access Corporation, announced that the National Pension Commission and the Federal Competition and Consumer Protection Commission had approved the proposed acquisition by First Guarantee Pension Limited and First Ally Asset Management Ltd of all issued shares of Actis Golf Nigeria Ltd, and consequently, Sigma Pensions Ltd.
Sigma has only one shareholder, according to a statement from AGNL.
A majority stock share in FGPL has just been acquired by the firm, according to a recent announcement.
In order to create Nigeria’s fourth-largest Pension Fund Administrator by assets under management, it was stated that the operations of FGPL and Sigma would be amalgamated, subject to receiving the necessary regulatory permissions.
Dr. Herbert Wigwe, the group chief executive of Access Corporation, made the following comments regarding the transaction:
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 funds administration services.”
Sigma has transformed during our partnership, and we are delighted that Access, a well-respected operator, is set to support the company across its next phase of growth. The market Sigma operates in is ripe for consolidation and I have no doubt that with such a capable backer, they will go from strength to strength.
The company promised to inform the market of any updates in compliance with its disclosure obligations.