Sigma, First Guarantee merge into Access Pensions
• New company’s capitalisation exceeds N10bn
Following the completion of the acquisition of Sigma Pensions and First Guarantee Pension by Access Corporation, both companies have consolidated, merged and rebranded as Access Pensions.
Access Pensions is a subsidiary of Access Corporation, and the merger positions the company as the fourth largest pensions fund manager in Nigeria.
It is capitalised with double the regulatory requirement of funds in excess of N10 billion, with its assets under management (AUM) at over N900 billion, as well as over one million Retirement Savings Accounts (RSAs).
Speaking at the unveiling of Access Pensions in its proposed Head Office in Abuja, the Group Chief Executive of Access Corporation, Dr. Herbert Wigwe, noted that this merger is in line with its corporate strategy to provide an all-inclusive financial system to cater for its vast customer base.
Wigwe, who was represented by the Chief Brand and Communications Officer Access Corporation, Amaechi Okobi, said: “Pension systems do provide an income in the event of retirement, old age, or disability but they also serve a far greater purpose for our customers and communities. Apart from promoting long-term savings for sustainable investment and being retirement savings account for our over 60 million customers, it also stabilises and grows economies.
“In line with our vision of creating a globally connected community and ecosystem inspired by Africa for the world, we want to start building first from Nigeria and then beyond. That is why we will work closely with our regulators to build this industry for a sustainable future for our community. Let’s shape the future we desire together.”
The Managing Director of Access Pensions, Dave Uduanu, stated that with the merger of First Guarantee Pension and Sigma Pensions, Access Pensions has become one large, formidable organisation with the support of a strong parent in Access Corporation.
“It is with great pleasure that I announce the joining together of these two great entities to become a formidable Pension Fund Administrator to watch in the pensions industry. The opportunities we all dreamt about are now within our grasp and I welcome all of us as we step into this new and exciting chapter, the emergence of Access Pensions.
“We are now going to shape the future that we want for ourselves and our customers while we win together. For a start, Access Pensions is adequately capitalised with total shareholders’ funds of more than N10 billion double the minimum regulatory requirement. The legacy companies have been in business for 17 years, working through the years by sheer grit and determination and we have grown the companies that way and endeared ourselves to our customers,” he said.
He added that his firm will be working with their regulators, partners and parents to leverage technology to expand pension coverage into the huge informal sector using a well-crafted onboarding strategy for micro-pensions.
“We believe this reflects the next frontier of growth for the pension industry with strong potential at driving financial inclusion. We believe that the pensions industry has the potential to reach up to 30 million new Micro-pensions customers in Nigeria over the next five years.”