Access Holdings Acquire Major Stakes in ARM Pensions Managers

Access Holdings, the parent company of Access Bank and Access Pensions Limited, has announced its acquisition of majority stakes in ARM Pensions Managers (PFA) Limited.

The firm said the step aligned with the company's efforts to grow revenue and meet people's needs globally.

Access Golf Nigeria Limited is the majority shareholder of Access Pensions Limited, a subsidiary of Access Holdings.

The organisation said it had received the 'no-objection' of the National Pension Commission and the approval of the Federal Competition and Consumer Protection Commission for its proposed acquisition of a majority equity stake in ARM Pensions Managers (PFA) Limited ('ARM'). The deal complies with regulatory approvals. 

Speaking about the acquisition, the Group Chief Executive of Access Holdings, Dr. Herbert Wigwe, said,

• 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 create sustainable stakeholder value and contribute positively to the growth and development of the pension industry. We anticipate an exciting future for the combined entity.

Speaking on the acquisition, the Group CEO of ARM Holding Company Limited, Jumoke Ogundare, said, 

• The market in which we operate is ripe for consolidation. I am confident that the proposed combination will create a formidable pension fund administration business, leveraging Access Group’s expansive distribution network and innovation culture to deliver sustainable value to stakeholders.

Access Holdings Plc said the completion of the transaction was contingent upon obtaining all requisite regulatory approvals. Access Holdings said it would remain steadfast in keeping the market informed in line with its disclosure obligations.

Access Holdings Plc is a leading multinational financial services group that offers commercial banking, lending, payment, insurance, and asset management services. 

With headquarters in Lagos, Access Holdings operates through a network of more than 700 branches and service outlets, spanning three continents, 20 countries, and 60+ million customers.

Access Holdings said it transitioned into a holding company to drive rapid growth and become a full-scale ecosystem player, offering interconnected services across customer needs.

Back Story
Access Holdings Plc, the parent company of Access Bank, recently got approval from the Central Bank of Nigeria (CBN) to establish a  consumer lending subsidiary, Oxygen X Finance Company Limited.

This announcement was made known in the regulatory filing with the Nigerian Exchange Group by the company secretary, Access Holdings, Sunday Ekwochi.

On January 16, 2023, it was reported that Access Holdings Plc had reportedly acquired Megatech Insurance Brokers Ltd., an insurance brokerage company.

According to the statement filed with the Nigerian Exchange Limited, the firm has received regulatory approval for acquiring a firm licenced and regulated by the National Insurance Commission.