Home » Nigerian banking tycoon Herbert Wigwe’s Access Holdings to acquire majority stake in First Guarantee Pension

Nigerian banking tycoon Herbert Wigwe’s Access Holdings to acquire majority stake in First Guarantee Pension

by Yusuf Abdulfatai
Herbert Wigwe

Access Holdings Plc, a pan-African financial services group led by Nigerian multimillionaire banking mogul Herbert Wigwe, has entered into a definitive agreement with First Guarantee Pension Limited to acquire a majority stake in the Pension Fund Administrator (PFA).

The group believes that the transaction is a significant step in its evolution from a narrow banking business into a financial service holding that is positioned to gain relevant scale across Africa, global monetary services, and beyond-banking verticals.

The announcement comes nearly two months after Access Holdings completed its structural transformation into a holding as part of its international expansion plans, with the group aiming to be present in 22 countries within the next five years.

The news of the planned acquisition of a majority stake in First Guarantee Pension Limited drew new investors, as shares in Access Holdings rose 2.06 percent on the Nigerian Exchange, from N9.7 ($0.0234) at the opening of the local bourse this morning to N9.9 ($0.0238) at the close of trade.

Wigwe, Access Holdings’ group managing director, who owns a significant 4.26-percent stake in the lender, set the rationale for the transaction, stating that it is a natural evolution for Access Holdings and the start of the holdings’ strategic diversification plans.

“Over the last 20 years, we have set our sights on and delivered ambitious plans to transform the African financial services landscape focusing on banking and have created the African leading bank and the largest bank by customer base,” Wigwe said.

He added that the pension business is a natural fit for the financial services group due to its large customer base in both the wholesale and retail segments and that this will allow the group to leverage its well-established culture of strong corporate governance, risk management, cutting-edge technology, and digital capabilities to deliver high standards of professionalism in the management of pension assets.

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