Access Holdings Plc, a pan-African financial services business owned by Nigerian multimillionaire Herbert Wigwe, has received regulatory approval to acquire a majority stake in First Guarantee Pension Limited, a pension fund administrator based in Lagos.
Following the recent clearance, which comes after Access Holdings entered into a definitive agreement to purchase the majority stake in May, First Guarantee Pension will become a subsidiary of the pan-African group led by Wigwe.
The deal, according to the firm, is a key step in its transition from a restricted banking business into a financial service holding positioned to gain relevant size throughout Africa, international monetary services, and beyond-banking sectors.
According to a statement issued during trading hours on Aug. 29, the inclusion of First Guarantee Pension to Access’ broad-based operations will provide a powerful springboard for the group’s execution of its ecosystem strategy for the pension fund administration industry.
Wigwe, Access Holdings’ group managing director, holds a 4.26-percent stake in the pan-African group. He stated that the deal aligns with the company’s objective of creating a globally connected community and ecosystem inspired by Africa for the rest of the world.
Wigwe added that Access will use its 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 stakeholders.
Access Holdings shares finished at N8.2 ($0.0194) a share on Monday, unchanged from their opening price on the Nigerian Exchange, as investors reassessed entry positions in the bank’s shares, which had lost more than 20 percent of their value since February.
At current prices, Access Holdings is the 14th most valuable stock on the Nigerian Exchange, with a market capitalization of N291 billion ($689.2 million), accounting for around 1.09 percent of the bourse’s total market capitalization.
The market value of Wigwe’s 4.26-percent stake in Access Holdings is worth N12.4 billion ($29.3 million).
