Access Holdings, Nigeria’s biggest lender by assets, is close to acquiring the controlling stake in First Guarantee Pension after getting approval from authorities, the financial services group said Monday.
Access Holdings is restructuring its pension unit to shift away from the custody business into fund management.
Recall that the Group had made this announcement three months ago in a disclosure filed with the Nigeria Exchange (NGX).
This transaction is pivotal in the group’s plan to evolve from a narrow banking business to a financial service holding company positioned to gain relevant scale across Africa, global monetary centres and “beyond banking verticals.”
“This transaction is in line with our vision to create a globally connected community and ecosystem; inspired by Africa for the world,” CEO Herbert Wigwe said.
“We will deploy our renowned culture of strong risk management, innovative technology, and best practice corporate governance to deliver high standards of management and returns on pension assets to the benefit of our stakeholders,” he added