Access Holdings Plc Acquires Megatech Insurance Brokers Ltd

Access Holdings Plc has reportedly acquired Megatech Insurance Brokers Ltd., an insurance brokerage company.

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

The statement signed by the Company Secretary, Sunday Ekwochi, said, 

• The acquisition of the Company complements Access Holdings’ bouquet of product offerings in pursuit of its vision of building a globally connected community of ecosystems inspired by Africa for the world. In this regard, Megatech will strive to create a world where risk is efficiently managed so that we can confidently seek and seize growth opportunities.

Commenting on the acquisition, Group Chief Executive Officer of Access Holdings, Dr. Herbert Wigwe, said, 

• This acquisition is a natural step in our evolution as a globally connected community and ecosystem. It aligns with our mission to build and sustain one global platform, open for anyone to join, where people can be connected to exceptional opportunities. The Company will design and provide intelligent solutions that mitigate the unique risks individuals and businesses face in an ever-changing world using leading risk management tools and governance standards.

According to the group's nine-month report, Access Holdings has five reportable segments: the Group’s strategic business units. However, based on the market segment and extent of customer turnover, the group reformed the arrangement of segments from previous years into operational segments, including corporate and investment banking, commercial banking, retail banking, Access Pensions Management; a Pension Fund Administrator and Hydrogen Payment Services Company Limited, a FinTech company which provides payment solutions to businesses in Nigeria, according to a PUNCH report.

Last week, following the significant wins experienced in the NGX, Access Holdings joined SWOOT (Stocks with over one trillion)  as it hit N1 trillion in market capitalisation. On Monday, the company's market capitalisation reached N1.016 trillion with a stock price of N28.60 per unit.

This was attributed to sustained buying pressure on banking stocks as investors positioned themselves ahead of the next dividend-paying season.