FCMB Group Plc announces Proposed Acquisition of AIICO Pensions Managers Limited

Must Read

- Advertisement -

FCMB Group Plc hereby notifies the Nigerian Stock Exchange and the investing public that its pension management subsidiary, FCMB Pensions Limited (“FCMB Pensions”) has entered into discussions with shareholders of AIICO Pension Managers Limited (“AIICO Pensions”), to acquire the 70% stake held by AIICO Insurance Plc and 26% held by some other shareholders in AIICO Pensions.

The proposed acquisition will make AIICO Pensions an indirect subsidiary of FCMB Group Plc.

The proposed transaction is subject to the approvals of the National Pension Commission and the Federal Competition and Consumer Protection Commission.

FCMB Group shall notify the NSE and the investing public once the relevant approvals for the transaction are received.

FCMB Pensions Limited is licensed by the National Pension Commission (PenCom), to carry on business as a Pension Fund Administrator (PFA).

- Advertisement -

It has over N330 billion asset under management comprising, retirement savings accounts, retirement accounts as well as privately managed pension funds for institutions.

It has over 350,000 pension contributors which it services from 48 locations across the country.

- Advertisement -
spot_imgspot_img

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

1 COMMENT

  1. This is very good for the industry. Consolidation so we need big PFAs like a big 6 or big 8. The Nigerian pension market is growing and is one of the biggest in Africa and in developing markets but we dont want tiny PFAs that will be too weak to play.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

Court Restrains FG from Accessing N200Billion Unclaimed Dividends

Court Restrains FG from Accessing N200Billion Unclaimed Dividends

A Federal High Court sitting in Abeokuta has granted an interim order restraining the federal government from taking over the unclaimed dividends of shareholders...
- Advertisement -
spot_imgspot_img

Latest News

Court Restrains FG from Accessing N200Billion Unclaimed Dividends

A Federal High Court sitting in Abeokuta has granted an interim order restraining the federal government from taking over...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -spot_imgspot_img