Leadway Holdings says it has reached an agreement to acquire 100 percent of PAL Pensions.
Tunde Hassan-Odukale, group managing director and chief executive officer of Leadway Holdings, announced the transaction in an email to staff on Saturday.
According to Hassan-Odukale, the deal will position the group as one of the top three pension fund administrators (PFAs) in Nigeria by assets under management.
He added that PAL Pensions will be merged with Leadway Pensure, the company’s existing PFA, significantly expanding its scale and client base.
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“This acquisition is more than a milestone; it is a statement of our ambition to build a -stronger, more competitive financial services group,” the GMD said.
“With this move, we expand our scale, giving us greater capacity to serve millions of Nigerians saving for their retirement. We unlock opportunities for growth, innovation, and efficiency across our businesses.
“We strengthen Leadway’s position as one of Africa’s leading financial services groups.”
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He also said details of the integration process will be announced in the coming weeks.
Hassan-Odukale said “the acquisition is a proud moment for us all, and it is your hard work, dedication, and commitment that make such achievements possible”.
The acquisition follows the sale of shares in First HoldCo by Hassan-Odukale, Leadway Holdings and its subsidiaries in July.
They sold 2,288,798,807 shares worth N70.8 billion.
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The shares were held through Leadway Holdings Limited (1,036,914,805 shares), Leadway Assurance Co. Ltd (432,258,388 shares), UBAPC/Leadway Pensure PFA Ltd-T (392,345,513 shares), ZPC/Leadway Assur. Premium Coll. & Inv. A/C-T (323,563,889 shares), and UBAPC/Leadway Pensure PFA Ltd FundIII-T (39,941,304 shares).
Others are ZPC/Leadway/NNPC Staff Pen Inv A/C-TRA (24,033,333 shares), UBAPC/Leadway Pensure PFA Ltd FD1-T (6,037,543 shares), and Hassan-Odukale held direct shares of 30,701,032.
