WED 07 JULY, 2021-theGBJournal- FCMB Pensions Limited, a subsidiary of FCMB Group Plc (FCMB), one of the leading financial services institutions in Nigeria, has acquired a 60% stake in AIICO Pension Managers Limited (AIICO Pensions).
FCMB Group Plc consequently has notified the Nigerian Exchange Limited (NGX), stating that the acquisition has received relevant regulatory approvals.
According to FCMB, the deal is made up of 33.9% stake held by AIICO Insurance Plc and 26.1% stake held by other shareholders in AIICO Pensions.
The acquisition makes AIICO Pensions an indirect subsidiary of FCMB Group Plc.
AIICO Pension was incorporated in February 2005 and licensed in April 2006 as a Pension Fund Administrator (PFA) by the National Pension Commission (PenCom) under the Pension Reform Act 2004 now Pension Reform Act 2014. The company began business in May 2006 and has transformed into since into a well-focused Pension Fund Administrator (PFA), managed by seasoned and well-tested executives with vast experience in Pension Administration, Risk Management, Banking, Capital Market and Asset Management.
FCMB noted that the acquired stake was reduced from the initial 96.3% stake in their notification to the NGX on 25 June 2020 to comply with the transaction structure approved by regulators.
‘’The goal is to combine the businesses of FCMB Pensions and AIICO Pensions to build a stronger and more resilient business,’’ FCMB said.
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