Business
Access Holdings Merger with ARM Pensions Boosts Assets to N3 Trillion
Access Holdings Merger with ARM Pensions Boosts Assets to N3 Trillion
Access Holdings has officially announced the successful merger with ARM Pensions Managers Limited (ARM), resulting in the establishment of Access ARM Pensions Limited (AAPL). This strategic combination positions AAPL as one of Nigeria’s foremost pension fund administrators, bolstering its client base and financial capabilities significantly.
Company Secretary Sunday Ekwochi signed the announcement, which was made public on October 2, 2024, via the Nigerian Exchange Group’s disclosure page. This merger follows Access Holdings’ earlier notification that Access Golf Nigeria Limited, a key stakeholder in Access Pensions Limited, had obtained the necessary regulatory approvals to acquire a majority interest in ARM Pensions Managers (PFA) Limited, paving the way for this merger.
Strategic Implications
With the merger finalized, AAPL now oversees nearly N3 trillion in assets and caters to approximately 2 million retirement savings account holders. The consolidation is expected to enhance Access Holdings’ service offerings, facilitate the acquisition of top talent, drive innovations driven by client needs, and strengthen risk management and compliance frameworks.
AAPL’s Chief Executive Officer, Emenike D. Uduanu, heralded the merger as an essential milestone in achieving the company’s goal of leadership in Nigeria’s pension fund administration sector. “This merger provides us with a platform to expand our services, improve operational efficiency, and drive innovation for the future,” he remarked, emphasizing a commitment to building a trustworthy brand for clients.
Chairman of Access Holdings PLC, Mr. Aigboje Aig-Imoukhuede, also recognized the merger as a pivotal development for both entities. He expressed optimism about AAPL’s prospects, stating, “I am confident that we will establish our pension business as a leading brand in Africa’s retirement and benefits sector.”
Background and Regulatory Approvals
Earlier this year, Access Holdings Plc revealed that its subsidiary, Access Golf Nigeria Limited, had received the requisite regulatory endorsements from the National Pension Commission (PenCom) and the Federal Competition and Consumer Protection Commission (FCCPC) to acquire a controlling stake in ARM Pensions Managers.
Dr. Herbert Wigwe, the late Group Chief Executive of Access Holdings, articulated enthusiasm for the merger’s potential impact, stating, “We are thrilled to have achieved this transformative step in our pension fund administration journey.” He underscored the anticipated sustainable value creation for stakeholders and its positive influence on the pension industry’s development.
With nearly 2 million retirement savings accounts now managed, AAPL stands to significantly shape Nigeria’s pension landscape as one of its largest administrators. This merger marks a promising chapter for both Access Holdings and its clients as they navigate the complexities of retirement planning and asset management.
