Access Completes Acquisition Of First Guarantee Pension

Access Corporation has completed the acquisition of a majority equity stake in First Guarantee Pension Ltd (FGPL) and with it, repositioning the financial giant in its bid to play higher in the pension sub-sector of the economy.

Access Corporation stated this in a corporate filing with the Nigerian Exchange Ltd. on Monday signed by its Company Secretary, Mr Sunday Ekwochi.

Ekwochi said the corporation had received a full regulatory approval of its acquisition of majority equity stake in FGPL.

“Following this development, FGPL is now a subsidiary of the corporation and will provide a strong springboard for the corporation’s execution of its ecosystem strategy for the pension funds administration industry,” he said.

Speaking on the development, Herbert Wigwe, Group Chief Executive Officer (GCEO), Access Corporation, said the acquisition was to ensure a globally connected community with focus on corporate governance.

Wigwe said, “This transaction is in line with our vision to create a globally connected community and ecosystem, inspired by Africa for the world.

“We will deploy our renowned culture of strong risk management, innovative technology and best practice corporate governance to deliver high standards of management and returns on pension assets to the benefit of our stakeholders.”

The News Agency of Nigeria (NAN) reports that  FGPL is a Pension Fund Administrator (PFA), licensed by the National Pension Commission to manage and invest pension funds in the employee’s Retirement Savings Account (RSA).

NAN reports that Access Corporation, on May 19, announced its intention to acquire FGPL after selling its pension business, Access Pension Fund Custodian Ltd. to First Bank Holdings. (NAN)

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