(Ecofin Agency) - Three months after announcing its proposed acquisition of Nigerian pension fund manager First Guarantee Pension Limited, financial holding company Access has obtained the necessary regulatory approvals that will make First Guarantee Pension its subsidiary.

Nigerian financial services holding Access Holdings Plc has secured the regulatory approvals to complete its proposed acquisition of a majority stake in pension fund manager First Guarantee Pension Limited (FGPL).

The information is reported, last Monday, by several Nigerian media outlets citing an official document from Sunday Ekwochi, secretary general of Access Corporation. Following this development, First Guarantee Pension, which manages pension funds for private and public sector employees, will become a subsidiary of the group headed by Herbert Wigwe.

“This transaction is in line with our vision to create a globally connected community and ecosystem; inspired by Africa for the world […] We will deploy our renowned culture of strong risk management, innovative technology and best practice corporate governance to deliver high standards of management and returns on pension assets to the benefit of our stakeholders,” said Herbert Wigwe according to the document.

The approvals are secured three months after Access Holdings announced plans to acquire a majority stake in First Guarantee Pension Limited. On May 19, 2022, the financial services group entered into a definitive agreement to acquire a majority stake in the pension fund manager. Access Holdings explained then that the transaction was part of its plans to strategically diversify its activities, following its transformation into a holding company.

First Guarantee Pension Limited, which is now part of Access Holdings' portfolio, "will provide a strong platform for Access to execute its ecosystem strategy for pension fund administration."

By entering the pension fund management sector, Access Holdings says it will enable the group to leverage its culture of corporate governance, risk management, and digital capabilities to deliver high standards in pension asset management.

Chamberline MOKO