Table of Contents
Key Points
- Access Holdings merges Access Pension Limited with ARM Pension Managers Limited to enhance innovation and operational capabilities in Nigeria’s pension sector.
- The newly formed Access ARM Pensions Limited (AAPL) becomes one of Nigeria's largest pension fund administrators, managing nearly N3 trillion in assets.
- Access Holdings reports more than $170 million in profits for H1 2024, signaling strong growth under Aigboje Aig-Imoukhuede’s leadership.
Access Holdings, a leading financial services group led by Nigerian banker Aigboje Aig-Imoukhuede, has announced a strategic merger in its pension administration arm, merging its subsidiary, Access Pension Limited, with ARM Pension Managers Limited to form Access ARM Pensions Limited (AAPL).
The merger, disclosed on Oct. 2, 2024, on the Nigerian Exchange (NGX), is aimed at enhancing operational capabilities and fostering innovation in Nigeria's expanding pension sector. The merger positions the newly created entity, AAPL, for enhanced operational capabilities and innovation in Nigeria’s expanding pension industry.
AAPL positioned as one of Nigeria's largest pension fund administrators
With assets under management nearing N3 trillion ($1.8 billion) and over 2 million Retirement Savings Account (RSA) holders, AAPL has emerged as one of Nigeria’s largest pension fund administrators based on both customer base and asset size. This new stature enhances AAPL's capacity to deliver increased value to shareholders in a competitive market.
Emenike D. Uduanu, CEO of Access ARM Pensions Limited, expressed optimism about the merger, stating, “This merger is a pivotal moment in our journey toward becoming Nigeria's leading pension fund administrator. It provides a platform for service expansion, operational efficiency, and future innovation. Our commitment is to make AAPL a trusted brand, delivering long-term value to individuals planning their retirement.”
Access Holdings Chairman Aigboje Aig-Imoukhuede also highlighted the significance of the merger, stating, “I’m thrilled with the closure of this transformative transaction, which unites two strong players in the pension industry. Access ARM Pensions Limited represents significant opportunities, and I am confident that we will establish a leading African brand in the retirement and benefits sector, contributing to a brighter future for our shareholders.”
Access Holdings reports strong financial performance
Access Holdings, the parent company of Access Bank, is a diversified financial services conglomerate operating in 12 African countries and select European markets. Its comprehensive services include banking, asset management, payments, pensions, and insurance.
Under Aigboje Aig-Imoukhuede's leadership, following the passing of Herbert Wigwe, Access Holdings has demonstrated remarkable growth. In the first half of 2024, the group reported profits exceeding $170 million, with half-year earnings climbing to N281.33 billion ($174.5 million), a notable increase from N135.4 billion ($84 million) in the same period of 2023.
Further solidifying its financial position, Access Holdings secured approval from the Securities and Exchange Commission (SEC) to extend its N351-billion ($229 million) rights issue.
The group has also reduced its stake in Access Bank Botswana to comply with the Botswana Stock Exchange's listing rules, signaling its ongoing commitment to regulatory compliance while driving growth across its diversified portfolio.
