Access Pensions acquires majority shares in ARM Pension Managers

Access Holdings Plc said its subsidiary, Access Pensions Limited, has bought majority shares in ARM Pensions Managers (PFA) Limited (ARM) after receiving the necessary regulatory clearances for the acquisition.

A statement by the National Pension Commission and the Federal Competition and Consumer Protection Commission have both granted their ‘no-objection’ and approval, respectively, for the transaction.

Indications are that following the acquisition, the operations of ARM and Access Pensions will be merged to create Nigeria’s second largest Pension Fund Administrator (PFA) by Assets Under Management.

Indeed, the Federal Competition and Consumer Protection Commission (FCCPC) announced that Access Pensions Limited is set to merge with ARM Pension Managers Limited in a move aimed at offering enhanced services to customers.

The FCCPC in a notice on Wednesday revealed that Access Pensions Limited had acquired an 81.82 percent majority stake in ARM Pension Managers Limited, a subsidiary of ARM Traditional Asset Management Limited. The commission stated that the acquisition would be finalized through a scheme of merger between the two entities.

Access Pensions Limited, a licensed pension fund administrator (PFA) incorporated in Nigeria and regulated by the National Pension Commission (PenCom), specializes in pension fund administration, managing retirement savings accounts, and legacy funds.

The notice said: “After the acquisition, the acquirer (Access Golf Nigeria Limited) intends to effect a merger of the target (ARM Pension) with Access Pensions Limited (Access Pensions),” the statement read.

“The target in addition to Access Pensions activities also offers other pension products and services including: retirement advisory; programmed withdrawal; micro pension, and additional voluntary contribution.

“Following the acquisition, ARM Pension and Access Pensions (the merging entities) will merge and become one entity.

“The merger will be consummated through a scheme of merger (the scheme). Under the terms of the scheme, ARM Pension will transfer all its assets, liabilities and undertakings to Access Pensions.

“The merger of ARM Pension and Access Pensions will create a pension fund administrator with assets under management (AUM) of just over N2.22 Trillion,” the FCCPC noted. “The expected revenue and cost synergies are material and promise significant long-term value.”

Moreover, the merger is anticipated to enhance customer service offerings, facilitate the rollout of micro pension products, and provide an improved overall customer experience.

Access Holdings gets regulatory approval to acquire majority stake in ARM Pensions

Usman Ododo Sworn In As Kogi State Gov

USMAN Ododo has been sworn in as the governor of Kogi State after months he was elected to take over from Yahaya Bello who has completed his second term in office.

Ododo took the oath of office at around 2:24 pm at in Lokoja on Saturday.

His inauguration came just minutes after Salifu Joel Oyibo took his oath of office as the deputy governor of Kogi State.

With his swearing in, Ododo becomes 5th Executive Governor of Kogi state.

The event had in attendance the Vice President, Kashim Shettima, the Ododo’s predecessor, Yahaya Bello, National Chairman of the All Progressives Congress (APC), Abdullahi Ganduje and other top members of the party.

Appreciating the presence of one of his rivals during the election, Leke Abejide of the African Democratic Congress (ADC) in his speech, Governor Ododo said that politics of bitterness is over.

He pledged that under his leadership, Kogi State will become one of the sub national pilots for key drivers of the Federal Governments programmes in food security, poverty eradication, job creation, access to capital, inclusion of rule of law, the fight against corruption and overall economic growth which will have a local adaptation to the realities of Kogi State.

Ododo was declared as the winner of the November 11, 2023 election by the Independent National Electoral Commission (INEC).

Ododo won with 446,237 votes, defeating his closest rival, Murtala Ajaka of the Social Democratic Party (SDP), who scored 259,052, while Dino Melaye of the Peoples Democratic Party (PDP) polled 46,362 votes.

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