FCMB Group Plc announces Proposed Acquisition of AIICO Pensions Managers Limited

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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).

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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.

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FCMB Group Plc announces Proposed Acquisition of AIICO Pensions Managers Limited - Brand SpurFCMB Group Plc announces Proposed Acquisition of AIICO Pensions Managers Limited - Brand Spur

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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.

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FCMB Group Plc announces Proposed Acquisition of AIICO Pensions Managers Limited - Brand SpurFCMB Group Plc announces Proposed Acquisition of AIICO Pensions Managers Limited - Brand Spur

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