FBN Holdings Plc has announced the completion of the acquisition of 100% of the share capital of Access Pension Fund Custodian Limited, a subsidiary of Access Bank Plc by First Pension Custodian Nigeria Limited, a subsidiary of First Bank Nigeria Limited.
The Group’s Company Secretary, Barrister Adewale Arogundade, made this disclosure in a statement sourced by our correspondent on Thursday.
He stated: “FBNH is pleased to inform Nigerian Exchange Limited and the investment public that First Pension Custodian Nigeria Limited, subsidiary of FBNH’s flagship subsidiary, First Bank of Nigeria Limited has completed the acquisition of 100% of the share capital of Access Pension Fund Custodian Limited from Access Bank Plc, having obtained the requisite regulatory approvals.”
“The transaction has the ‘no objection’ of the Central Bank of Nigeria as well as the approvals of the National Pension Commission and the Federal Competition and Consumer Protection Commission.
“The transaction is in line with First Pension’s strategy and advances; its mission is to be the custodian of first choice, and leading pension custodian in sub-Saharan Africa”, Arogundade added.
It would be recalled that the National Pension Commission (PenCom) recently announced the acquisition of Access Pension Custodian Limited by First Pension Custodian Limited.
The commission had in a statement described the acquisition as the culmination of the divestment process by Access Pension Custodian Limited from the pension custody business, the transfer of all assets under its custody to First Pension Custodian Limited and the return of its operating license to PenCom.
According to the commission, the acquisition is the culmination of the divestment process by Access Pension Custodian Limited from the pension custody business, transfer of all assets under its custody to First Pension Custodian Limited and the return of its operating license to PenCom.
The PenCom’s management assured the investing public of its sustained commitment to the effective regulation and supervision of the pension industry.
