Access Pensions Limited is poised to merge with ARM Pension Managers Limited, according to the Federal Competition and Consumer Protection Commission (FCCPC).
The merger is a result of Access Pension’s acquisition of an 81.82 percent majority stake in ARM Pension, a subsidiary of ARM Traditional Asset Management Limited.
The FCCPC, in a notice released on Wednesday, outlined that the acquisition would be finalized through a scheme of merger between the two companies.
Access Pensions, a Pension Fund Administrator (PFA) licensed and regulated by the National Pension Commission (PenCom) in Nigeria, is set to become a pivotal player in the industry.
After the acquisition, Access Golf Nigeria Limited, the acquirer, plans to merge ARM Pension with Access Pensions Limited, streamlining their operations into a single entity.
The statement from FCCPC highlighted that ARM Pension not only shares core activities with Access Pensions but also offers additional pension products and services such as retirement advisory, programmed withdrawal, micro pension, and additional voluntary contribution.
The merger, expected to create a pension fund administrator with assets under management (AUM) exceeding N2.22 Trillion, is anticipated to yield significant revenue and cost synergies, promising long-term value.
The Commission emphasized that this consolidation would provide customers with an enhanced service offering, support the rollout of micro pension products, and deliver an overall improved customer experience.
