Access Holdings has announced the completion of its merger with ARM Pensions Managers Limited (ARM), creating Access ARM Pensions Limited (AAPL). This development positions AAPL among Nigeria’s largest pension fund administrators by client base.
The announcement, made on October 2, 2024, was shared through the NGX disclosure page and signed by the Company Secretary, Sunday Ekwochi.
The merger follows an earlier announcement by Access Holdings that Access Golf Nigeria Limited, a significant shareholder in Access Pensions Limited, had secured the necessary regulatory approvals to acquire a majority stake in ARM Pensions Managers (PFA) Limited, culminating in the merger’s completion.
Implications of the Merger
With the merger finalized, AAPL now manages nearly N3 trillion in assets and serves a customer base of approximately 2 million retirement savings account holders.
According to the disclosure, the merger strengthens Access Holdings’ service offerings, enabling the company to attract top talent, invest in client-driven innovations, and enhance risk management and compliance systems.
This strategic move is also expected to deliver sustainable growth, providing added value to clients, shareholders, and partners.
AAPL’s CEO, Emenike D. Uduanu, described the merger as a crucial step toward realizing the company’s ambition of becoming Nigeria’s leading pension fund administrator.
“This merger provides us with a platform to expand our services, improve operational efficiency, and drive innovation for the future. We are committed to making AAPL a symbol of trust and security for our clients as we work tirelessly to deliver long-term value for those planning their retirement,” Uduanu stated.
Mr. Aigboje Aig-Imoukhuede, Chairman of Access Holdings PLC, also praised the merger, describing it as a significant milestone for both organizations. He expressed confidence in AAPL’s potential, saying, “I am confident that we will establish our pension business as a leading brand in Africa’s retirement and benefits sector, paving the way for a brighter future for all our stakeholders.”
Background
Earlier this year, Access Holdings Plc announced that its subsidiary, Access Golf Nigeria Limited, a majority shareholder of Access Pensions Limited, had received the necessary regulatory approvals to acquire a controlling stake in ARM Pensions Managers (PFA) Limited.
The National Pension Commission (PenCom) and the Federal Competition and Consumer Protection Commission (FCCPC) granted the approvals required for this acquisition.
Commenting on this milestone, the late Dr. Herbert Wigwe, former Group Chief Executive of Access Holdings, expressed optimism about the merger’s impact.
“We are thrilled to have achieved this transformative step in our pension fund administration journey. The combination of ARM Pensions and Access Pensions will create sustainable value for our stakeholders and positively influence the growth of the pension industry,” Wigwe said.
With nearly 2 million retirement savings accounts under management, AAPL now stands as one of Nigeria’s largest pension fund administrators.