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Access Holdings to acquire ARM Pensions and merge with Access Pensions

25 January 2024

January 24, 2024

In a significant move that marks a major development in the Nigerian financial landscape, in a notification published by the Federal Competition and Consumer Protection Commission, Access Golf Nigeria Limited will be acquiring the 81.82% majority stake in ARM Pension Managers (PFA) Limited. The acquisition, which involves the purchase of the issued share capital from ARM Traditional Asset Management Limited, sets the stage for a strategic merger with Access Pensions Limited, a wholly owned subsidiary of Access Golf, which is owned by Access Corporation Plc.

ARM Pension Managers (PFA) Limited, commonly referred to as ARM Pensions, is a renowned player in the pension industry, offering a range of products and services including retirement advisory, programmed withdrawal, micro pensions, and additional voluntary contributions. The majority of its shares were previously held by ARM Traditional Asset Management Limited.

Access Pensions Limited, on the other hand, is a Pension Fund Administrator (PFA) incorporated in Nigeria and regulated by the National Pension Commission (PenCom).

The acquisition of ARM Pensions by Access Golf paves the way for the merging of ARM Pensions and Access Pensions, creating a formidable entity in the pension fund administration space. The merger, set to be executed through a Scheme of Merger, will see ARM Pension transferring all its assets, liabilities, and undertakings to Access Pensions.

Upon completion of the merger, the combined entity is projected to have assets under management (AUM) exceeding N2.22 Trillion. This consolidation is expected to bring about significant revenue and cost synergies, promising substantial long-term value for both the company and its stakeholders.

The enlarged Access Pensions resulting from the merger aims to provide customers with an enhanced service offering, support the rollout of micro pension products, and deliver an improved overall customer experience. The strategic move positions Access Pensions as a major player in the pension industry, further solidifying its presence and influence in the financial sector.

ARM Pensions in a message to RSA holders says they have received a "no-objection" from PenCom.

We await further developments....

Updated

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