Finance

Nigeria: Access Holdings finalizes sales of Access Pension Fund Custodian Limited

Thursday, 01 September 2022 19:30
Nigeria: Access Holdings finalizes sales of Access Pension Fund Custodian Limited

(Ecofin Agency) - The transaction is completed three months after the initial agreement. It follows the obtention of regulatory approvals. 

Nigerian financial services holding company, Access Holdings Plc, announced, Wednesday, that it has completed the sales of its Access Pension Fund Custodian Limited shares. The transaction, which received all the regulatory approvals, was carried out through Access Bank Plc. 

The shares were sold, for an undisclosed amount, to First Pension Custodian Nigerian Limited, a pension fund management subsidiary of First Bank of Nigeria Limited.

The transaction is completed three months after it was initiated. Indeed, on May 18, Access Holdings entered into the initial agreement to sell its pension fund management subsidiary (Access Pension Fund Custodian Limited) to First Bank of Nigeria Limited. At that time, the transaction was approved by the Central Bank of Nigeria and the National Pension Commission, which regulates pension fund management businesses in Nigeria. 

Two days before the announcement of its completed sale, Access Holdings indicated that it had already received all the necessary approvals to acquire a majority stake in a pension fund management company, First Guarantee Pension Limited.

Chamberline Moko 



 
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