In a move to reinforce its standing among Africa’s leading financial institutions, Access Holdings, led by banking magnate Herbert Wigwe, is poised to acquire a majority equity stake in ARM Pensions Managers (PFA) Limited (ARM), signaling a commitment to expansion.
Access Holdings, on the verge of joining the league of Nigerian companies valued at more than N1 trillion ($1.12 billion), has received regulatory clearances from both the National Pension Commission and the Federal Competition and Consumer Protection Commission. The approval paves the way for the conglomerate’s subsidiary, Access Golf Nigeria Limited, a majority shareholder of Access Pensions Limited, to proceed with the acquisition.
This latest development is part of Access Holdings’ aggressive acquisition strategy in 2024, which includes the recent successful acquisitions of Megatech Insurance Brokers Ltd and African Banking Corporation Zambia Limited (trading as Atlas Mara Zambia). These moves aim to elevate Access Holdings’ presence in the insurance and banking sectors, aligning with the conglomerate’s ambitious growth plans.
Acquisition of ARM Pensions set to catapult Access Pensions to Nigeria’s second-largest PFA
The proposed acquisition of ARM Pensions Managers positions Access Holdings to merge operations with Access Pensions, creating Nigeria’s second-largest Pension Fund Administrator (PFA) by Assets Under Management. The consolidation is subject to relevant regulatory approvals, with the potential to reshape the landscape of the pension industry in Nigeria.
Wigwe, group CEO of Access Holdings, expressed his satisfaction, stating, “We are pleased to have reached this transformative milestone in our pension fund administration journey.”
“The proposed combination of ARM Pension with Access Pensions will not only create sustainable stakeholder value but will also contribute positively to the growth and development of the pension industry. We anticipate an exciting future for the combined entity,” he added.
Access Holdings: Navigating financial frontiers, embracing diversification, and paving the way for Africa’s financial leadership
Wigwe, a Nigerian multimillionaire banker, holds a 7.14-percent stake in Access Holdings, steering the conglomerate to remarkable fiscal growth, under his leadership, Access Holdings continues to make significant strides especially has been actively expanding its footprint in Africa and Europe.
Through its UK-based subsidiary, Access Bank UK Ltd., the group in December 2023 received approval from the Hong Kong Monetary Authority to establish a Restricted Licence Branch in Hong Kong. This move aligns with Access Holdings’ broader ambition to become the world’s most respected African Bank.
As Access Holdings diversifies its portfolio and solidifies its presence across sectors, the conglomerate anticipates an exciting future for the combined entity following the ARM Pensions Managers acquisition, contributing positively to the growth and development of the pension industry in Nigeria.