FBN Holdings gets regulator’s final approval to acquire Access Pension




The Central Bank of Nigeria (CBN) has granted to FBN Holdings’ subsidiary, First Pension Custodian Nigeria Limited (First Pension) the approval to acquire Access Pension Fund Custodian Limited.

First Pension Custodian Nigeria Limited, a wholly-owned subsidiary of First Bank of Nigeria Holdings (FBN Holdings) acquired 100 per cent stake of First Pension from Access Bank, owned by Access Holdings.

Recall that the National Pension Commission (PenCom) had earlier granted its approval for the takeover.

FBN Holdings Plc, through its subsidiary First Pension Custodian Limited, agreed with Access Bank Plc to buy out the latter’s pension subsidiary Access Pension Fund Custodian in a deal involving 100 per cent ownership transfer.

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.

In a statement released by FBN Holdings to investors and the Nigerian Exchange Limited (NGX), the company said the central bank had “no objection” to the acquisition deal.

It was also disclosed that the National Pension Commission (PenCom) and the Federal Competition and Consumer Protection Commission (FCCPC) had given approval to the acquisition as well.

“The transaction has the “no objection” of the Central Bank of Nigeria as well as the approvals of the National Pension Commission and the Federal Competition and Consumer Protection Commission”, the statement reads.

The 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.

Related content you may like