AccessCorp Acquires Sigma Pension
Access Corporation has announced its acquisition of Sigma Pension Ltd.
The acquisition was via the takeover of Active Golf Nigeria LTD, the owners of Sigma Pensions by First Guarantee Pension Limited (FGPL) and First Ally Asset Management LTD, both subsidiaries of AccessCorp.
The acquisition, Access Corp’s Group Company Secretary, Sunday Ekwochi also said had been approved by the Nigeria Pension Commission ( PENCOM) and Federal Competition and Consumers Protections Commission ( FCCPC)
Ekwochi in a statement said that subject to the receipt of the relevant regulatory approvals, the operations of FGPL and Sigma pensions will be merged to create Nigeria’s fourth largest pensions fund Administrator (PFA) by Asset Management.
Speaking on this landmark transaction, Herbert Wigwe, Group Chief Executive Officer, Access Corporation, said: “Having concluded our divestment from the pension funds custody sector and our recent Acquisition of FGPL, we are pleased with the progress we are making regarding our diversification and growth into pensions funds Management Sector”.
“We are particularly pleased to have reached this agreement with Actis, our plan is to consolidate these entities to create a formidable pensions funds administration business”.
“The proposed consolidation will leverage the corporation’s expansive distribution network, strong risk management culture and best-in-class governance standards to provide contributors with sustainable world-class pension fund’s administration services”.
Commenting on the transactions, Natalie Kolbe, Non-executive Director of Actis, noted,
“Sigma has transformed during our partnership, and we are delighted that access, a well respected operator, is set to support the company across its next phase of growth”
“The market sigma operates is ripe for consolidation and I have no doubts that such capable backers, they will go from strength to strength”
The Corporation will update the market as appropriate and in accordance with its disclosure obligations