TheCable

The National Pension Commission (PenCom) says it has approved the acquisition of Access Pension Custodian Limited by First Pension Custodian Limited. 

First Pension Custodian Limited is a subsidiary of First Bank Holdings Plc.

The commission disclosed this in a statement on Monday.

“The National Pension Commission (PenCom) wishes to inform the general public and relevant Stakeholders that PenCom has approved the acquisition of Access Pension Custodian Limited by First Pension Custodian Limited,” the statement reads.

“The acquisition is the culmination of the divestment process by Access Pension Custodian Limited from the pension custody business, transfer of all assets under its custody to First Pension Custodian Limited and the return of its operating license to PenCom.

“The Commission assures Stakeholders and the general public of its continued commitment to the effective regulation and supervision of the pension industry.”

In May, First Pension Custodian Limited agreed to purchase Access Bank Plc’s entire share capital in Access Pension Fund Custodian Limited.

Pension Fund Custodians (PFCs) are responsible for keeping safe custody of pension assets on the trust on behalf of contributors.

The planned acquisition is expected to shrink the number of PFCs in the country to three companies.

They include Zenith Pensions Custodian Limited, UBA Pensions Custodian Limited and First Pension Custodian Limited.