TheCable

FCMB Group has announced that it is holding talks with AIICO Pensions Managers to acquire a 96 percent stake in the company.

In a notice published on the Nigerian Stock Exchange’s website, Ladi Balogun, FCMB Group CEO, said the proposed acquisition will make AIICO Pensions an indirect subsidiary of the group.

Balogun said both organisations had entered into discussions with shareholders of AIICO Pension Managers to acquire the 70 percent stake held by AIICO Insurance and 26 percent held by some other shareholders in AIICO Pensions.

According to the statement, the proposed transaction is subject to the approvals of the National Pension Commission and the Federal Competition and Consumer Protection Commission.

“We shall notify the NSE and the investing public once the relevant approvals for the transaction are received,” the statement read.

In a separate notice, Donald Kanu, AIICO, company secretary, said AIICO Pensions shall cease to be a subsidiary of AIICO Insurance Plc at the conclusion of the proposed sale.

“The proposed sale is AIICO’s stake of 70 per cent and other shareholders stakes of 26 per cent thus bringing the cumulative sale of 96 percent stake to be purchased by FCMB Pensions.”