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The newly formed Access ARM Pensions Limited, a merger of Access Pensions and ARM Pensions, has officially started business with a commitment to drive innovation and expand pension coverage into Nigeria’s vast informal sector.
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The merger between ARM Pension Managers (PFA) Limited and Access Pensions Limited, which has been approved by the National Pension Commission (PenCom), has created a formidable player in the pension industry with over N3 trillion in assets under management (AUM), accounting for 15 per cent of the industry’s total assets and more than 20 per cent of its customer base.
PenCom recently granted its approval for ARM Pension Managers (PFA) Limited and Access Pensions Limited to form a new entity.The commission stated that the merger was expected to result in the achievement of economies of scale, improved operational efficiency of the new entity as well as improved service delivery to retirement savings account (RSA) holders.
Speaking at the unveiling of the new company in Abuja, Managing Director, Access Pensions Limited, Dave Uduanu, emphasised the strength of the newly formed organisation with the support of Access Corporation.
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He said the new entity was strongly capitalised with total shareholders’ funds exceeding N20 billion and well above the minimum regulatory requirement. He outlined plans to collaborate with regulators, partners and the parent company to leverage technology for expanding pension coverage into the vast informal sector through a well-crafted onboarding strategy for micro-pensions.
Uduanu said over the past 19 years, the legacy companies had thrived through unwavering determination, growing sustainably, and earning the loyalty of their customers.
“This is the biggest merger in the pension industry. Access and ARM were number two and four in the industry. We have come together to create a PFA with N3 trillion of AUM, 15 per cent of the industry’s total assets and over 20 per cent of the customer base. It is an opportunity to create a brand that we can all be proud of,” he said.
He said the ceremony marked the dawn of a new era with the unveiling of a formidable force in Nigerian pensions, bringing together two leading brands with histories dating back to 2004. He said the pension industry had experienced tremendous growth, since the advent of the CPS, with average annual growth of 15 to 20 per cent.
The acting Chairman, Access ARM Pensions, Austin Opara, reaffirmed the board’s commitment to the new brand, adding: “We are dedicated to making it a strong and successful entity. For those who are not yet satisfied, we will work to earn your trust.”
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