(Ecofin Agency) - Nigerian pension fund manager FCMB Pensions Limited engaged in talks with rival AIICO Pension Managers to acquire a 96% stake in the company for an undisclosed amount. The subsidiary of financial services group FCMB Group Plc first wants to acquire 70% of the shares of AIICO Pension Managers from its parent company, insurer AIICO Insurance, and a further 26% from minority shareholders of AIICO Pension.

The transaction is currently being assessed by regulatory authorities, namely the Federal Competition and Consumer Protection Commission, the agency in charge of consumer protection, and the National Pension Commission, the body responsible for regulating and supervising the pension sector in Nigeria.

 “The business intends to use its scale to positive effect towards investing in the growth of the Nigerian economy while ensuring safety and the most competitive returns for its customers,” said Ladi Balogun (pictured), Chairman of the Board of Directors of FCMB Pensions.

Chamberline Moko