BREAKING: Access Holdings obtains clearance to take over First Guarantee Pension

Nigeria's largest asset lender, Access Holdings, has received the green light from the approval authority for the offer to acquire the majority stake in First Guarantee Pension, the services group announced on Monday financiers, after announcing the deal three months and ten days ago.

If the transaction goes through, it will be the company's sixth takeover in barely a year, all but one involving banks outside of its home country of Nigeria, with its move to to acquire Kenya-based Sidian Bank and the pension business of rival FBN Holdings already in the bag.

“This transaction is in line with our vision to create a globally connected community and ecosystem; inspired by Africa for the world,” said CEO Herbert Wigwe in a document seen by PREMIUM TIMES.< /p>

"We will deploy our proven culture of strong risk management, innovative technologies and best practices in corporate governance to deliver high standards of pension asset management and performance for the benefit of our stakeholders," said he added.

Access Holdings is restructuring its pension unit from custodial to fund management.

More details soon…

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