Access Holdings Plc receives regulators approval to acquire Sigma Pensions

Access Holdings Plc, has announced that the National Pension Commission (PENCOM) and the Federal Competition and Consumer Protection Commission (FCCPC) have granted their approvals to the proposed acquisition of Sigma Pensions.

This involves the acquisition the First Guarantee Pension Limited (FGPL) and First Ally Asset Management Limited (First Ally) of the entire issued shares of Actis Golf Nigeria Limited (AGNL) and by extension Sigma Pensions Limited (Sigma). AGNL is the sole shareholder of Sigma.

The announcement was made on Tuesday in a statement signed by Sunday Ekwochi, the Group Company Secretary of Access Corporation, and make available to the Nigerian Exchange Limited (NGX).
It will be recalled that the Corporation had recently announced its acquisition of majority equity stake in FGPL.

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According to the statement the acquisition is intended, subject to the receipt of relevant regulatory approvals that the operations of FGPL and Sigma will be merged to create Nigeria’s fourth largest Pension Fund Administrator (PFA) by Assets Under Management.

Commenting on this landmark transaction, Dr. Herbert Wigwe, Group Chief Executive, Access Corporation, said, “having concluded our divestment from the pension funds custody sector and our recent acquisition of FGPL, we are pleased with the progress we are making regarding our diversification and growth into the pension funds administration sector. We are particularly pleased to have reached this agreement with Actis. Our plan is to consolidate these entities to create a formidable pension funds administration business.

“The proposed consolidation will leverage the Corporation’s expansive distribution network, strong risk management culture and best-in-class governance standards to provide contributors with sustainable world class pension funds administration services,” Wigwe said.

Speaking on the transaction, Natalie Kolbe, Non-Executive Director of Actis, said: “Sigma has transformed during our partnership, and we are delighted that Access, a well-respected operator, is set to support the company across its next phase of growth. The market Sigma operates in is ripe for consolidation and I have no doubt that with such a capable backer, they will go from strength to strength.”