TheCable

Access Corporation says it has completed the acquisition of a majority equity stake in First Guarantee Pension Limited. 

Sunday Ekwochi, company secretary, Access Corporation, said this in a corporate filing on Monday.

The company said it received “full regulatory approval of its acquisition of majority equity stake in First Guarantee Pension Limited (FGPL)”.

“Following this development, FGPL is now a subsidiary of the corporation and will provide a strong springboard for the corporation’s execution of its ecosystem strategy for the pension funds administration industry,” the statement reads.

Speaking on the development, Herbert Wigwe, group chief executive officer (GCEO), Access Corporation, said the acquisition was a step in the right direction as it accentuated the company’s global best practices.

“This transaction is in line with our vision to create a globally connected community and ecosystem; inspired by Africa for the world,” he said.

“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.”

FGPL, a pension fund administrator (PFA), is licensed by the National Pension Commission to manage and invest pension funds in the employee’s retirement savings account (RSA).

In May, Access Holdings announced its intention to acquire First Guarantee Pension — after selling its pension business, Access Pension Fund Custodian Limited, to First Bank Holdings.