Access Holdings Plc (trading as Access Corporation) has completed the acquisition of an indirect equity interest in Sigma Guesthouse.
A corporate disclosure seen by Nairametrics noted that following the acquisition, Access Holdings has merged its FGPL with Pension Sigma.
The development followed the sanction of the merger scheme between Sigma and FGPL by the federal high court on December 1, 2022. On this note, FGPL has been dissolved without liquidation, leaving Sigma as the surviving entity.
The prospect: Dr Herbert Wigwe, group chief executive of Access Corporation, said the synergies between the entities would be used to create formidable pension fund management. He said:
- “Upon the successful completion of the merger, our plan is to leverage the synergies of these entities, as well as the corporation’s expansive distribution network, strong risk management culture and best-in-class governance standards to create a formidable pension fund management business.
The backstory: The National Pensions Commission (PENCOM) and the Federal Competition and Consumer Protection Commission (FCCPC) passed the proposed acquisition by First Guarantee Pension Limited (FGPL) and First Ally Asset Management Limited of all of the issued shares of Actis Golf Nigeria Limited (AGNL), the owner of Sigma Pension.
The news continues after this announcement.
The holding company intends to merge the operations of FGPL and Sigma to create the fourth largest Pension Fund Manager in Nigeria by assets under management subject to receiving all relevant regulatory approvals.