Access Corporation to acquire indirect equity in Sigma Pensions

Access Corporation says it has received a regulatory approval for the acquisition of an indirect equity stake in Sigma Pensions Limited.

The regulators are the National Pension Commission (PenCom) and the Federal Competition and Consumer Protection Commission (FCCPC). 

The company made this known in a corporate filing by Sunday Ekwochi, company secretary, Access Corporation, on Tuesday.

It said the regulators granted their approvals to the proposed buyout by First Guarantee Pension Limited (FGPL) and First Ally Asset Management Ltd (First Ally) of the entire issued shares of Actis Golf Nigeria, sole shareholder of Sigma.

FGPL became a subsidiary of Access Corporation following its acquisition of majority equity stake.

Access Corporation also dumped its Pension Fund Custodian business. 

Subject to the receipt of relevant regulatory approvals, Access Corporation said it intends that the operations of FGPL and Sigma will be merged to create Nigeria’s fourth largest pension fund administrator (PFA) by assets under management.

Assets under management (AUM) is the total market value of the investments that a person or entity manages on behalf of clients.

Commenting the transaction, Herbert Wigwe, group chief executive officer (GCEO), Access Corporation, said the company is pleased with the progress it is making regarding its diversification and growth into the pension funds administration sector.

“We are particularly pleased to have reached this agreement with Actis. Our plan is to consolidate these entities to create a formidable pension funds administration business,” he said.

“The proposed consolidation will leverage the corporation’s expansive distribution network, strong risk management culture and best-in-class governance standards to provide contributors with sustainable world class pension funds administration services.”

Also speaking on the transaction, Natalie Kolbe, non-executive director, Actis, said: “Sigma has transformed during our partnership, and we are delighted that Access, a well-respected operator, is set to support the company across its next phase of growth.”

“The market Sigma operates in is ripe for consolidation and I have no doubt that with such a capable backer, they will go from strength to strength.”