AccessCorp diversifies, acquires indirect stake in Sigma pensions
Access Holdings Plc, trading as Access Corporation has announced plans to acquire the entire issued shares of Actis Golf Nigeria Ltd (AGNL), the sole shareholder of Sigma Pensions.
The bank intends to make the acquisition through First Guarantee Pension Limited (FGPL) and First Ally Asset Management Ltd (First Ally), its recently acquired subsidiaries.
Already, the National Pension Commission (PENCOM) and the Federal Competition and Consumer Protection Commission (FCCPC) have granted their approvals to the deal.
According to the bank, the proposed merger of FGPL and Sigma operations, which is subject to the receipt of relevant regulatory approvals, is expected to create Nigeria’s fourth-largest Pension Fund Administrator (PFA) by Assets Under Management (AUM).
The corporation had recently announced its acquisition of a majority equity stake in FGPL. It also stated that the market will be updated on the current acquisition in accordance with its disclosure obligations.
Commenting on the transaction, the Group Chief Executive, of Access Corporation, Dr. Herbert Wigwe 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.”
Speaking on the transaction, Non-Executive Director of Actis, Natalie Kolbe 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.”
The bank had recently entered into a binding agreement with Montepio Holding SGPS S.A Montepio) to acquire a 51 per cent majority shareholding in Finibanco Angola S.A.