Access Corporation to float Nigeria’s fourth largest PFA, acquires Sigma Pensions

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BY BAMIDELE FAMOOFO

Uba Group

Access Corporation Plc has unveiled its plan to float Nigeria’s fourth largest Pension Fund Administrator with the merger of First Guarantee Pension Limited and Sigma Pensions Limited, which it is about to finally acquire.

Already, the National Pension Commission and the Federal Competition and Consumer Protection Commission have given approval to Access Corporation to acquire Sigma Pension.

A statement signed by Sunday Ehwochi, Group Company Secretary , “Access Holdings Plc, trading as Access Corporation (‘the Corporation’) today announces that the National Pension Commission (‘PENCOM’) and the Federal Competition and Consumer Protection Commission (“FCCPC”) have granted their approvals to the proposed acquisition by First Guarantee Pension Limited (‘FGPL’) and First Ally Asset Management Ltd (‘First Ally’) of the entire issued shares of Actis Golf Nigeria Ltd (‘AGNL’) and by extension Sigma Pensions Ltd (‘Sigma’). AGNL is the sole shareholder of Sigma.”

The Corporation had recently announced its acquisition of majority equity stake in FGPL. It is intended, subject to the receipt of relevant regulatory approvals that the operations of FGPL and Sigma will be merged to create Nigeria’s fourth largest Pension Fund Administrator (‘PFA’) by Assets Under Management.

Group Chief Executive, Access Corporation, Herbert Wigwe, who explained the rationale behind the deal, said: “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,” he added.

Also speaking on the transaction, Natalie Kolbe, Non-Executive Director of Actis, said: “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.”