Access Holdings ‘A Formidable’ Pension Funds Administrator-Wigwe

The Group Chief Executive of Access Holdings Plc, Herbert Wiwge has disclosed that the corporation is ready to provide pension contributors in the country with world-class services.

Wigwe made the comment after the bank said it has secured the approval of regulatory authorities in the country to bring Sigma Pensions Ltd under the corporation’s control.

The deal will make the corporation the owner of Nigeria’s fourth-biggest pension fund administrator and a formidable player in the sector.

The group’s CEO said, “Having concluded our divestment from the pension funds custody sector and our recent acquisition of the FGPL, we are pleased with the progress we are making regarding our diversification and growth into the pension funds administration sector.

“We are particularly pleased to have reached this agreement with Actis. Our plan is to consolidate these entities to create a formidable pension 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 funds administration services.”

In a statement on Tuesday, Access announced that the National Pension Commission and the Federal Competition and Consumer Protection Commission had granted their approvals to the proposed acquisition by First Guarantee Pension Limited and First Ally Asset Management Ltd of the entire issued shares of Actis Golf Nigeria Ltd, and by extension, Sigma Pensions Ltd.

The corporation had recently acquired AGNL the sole shareholder of Sigma.

The corporation further said in the statement that subject to the receipt of relevant regulatory approvals, the operations of the FGPL and Sigma would be merged to create Nigeria’s fourth-largest Pension Fund Administrator by assets under its management.

Also speaking on the transaction, the Non-Executive Director of Actis, Natalie Kolbe, said, “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 in is ripe for consolidation and I have no doubt that with such a capable backer, they will go from strength to strength.”