Access Corporation invests N1trn into Access Pension
Access Corporation, the Holding Company of Access Bank Plc, has invested N1 trillion into Access Pension, one of its subsidiary firms targeting to create significant growth for the group in the next five years.
The Group Managing Director, Herbert Wigwe, said their target was to be among the top two in Nigeria, describing the N1trillion under management as a good entry point. He noted that the operational risks are not as significant as in banking.
Announcing recently the Corporation’s five-year new strategic agenda towards Africa-wide expansion and global banking network, Wigwe said that Assets Management and Pension Fund Administration would contribute significantly towards taking full advantage of the opportunities that exist as the landscape evolves, manage capital in an efficient manner as well as steering the group away from inherent risks.
“Giving the regulatory direction which is coming from PenCom in respect of micro pension, we think that we can leverage the strong customer base of the parent, Access Bank, and create significant growth as far as Access Pension is concerned. I tell you that we will be the top two Assets Management businesses by 2027,” Wigwe told financial journalists in Lagos recently.
In a radical expansion drive towards becoming a global banking network, the foremost banking institution which recently transitioned to a Holdco unveiled five strategic subsidiaries to capture business opportunities the African market may provide over the next five years.
The other three vertical subsidiaries apart from the parent bank which is going to drive the Corporation’s global banking initiative include Oxygen, Hydrogen, and Insurance Brokerage.
Access Corporation had acquired assets of a couple of pension entities last year, including Sigma Pensions and First Guarantee Pensions, a deal that places Access Pensions among the top players in the industry and also boosted pension industry assets in 2022.
Pension assets increased by N1.56 trillion in 2022 to N14.99 trillion as of December 31, 2022. In 2021, pension assets increased by N1.12 trillion to end the year at N13.43 trillion.
About The Author
