The Federal Competition and Consumer Protection Commission (FCCPC) says Access Pensions Limited will merge with ARM Pension Managers Limited for an “enhanced service offering”.
In a notice on Wednesday, FCCPC said the merger followed Access Pension’s acquisition of an 81.82 percent majority stake in ARM Pension — a subsidiary of ARM Traditional Asset Management Limited.
According to the commission, the acquisition will be finalised through a scheme of merger between both companies.
Access Pensions is a pension fund administrator (PFA) incorporated in Nigeria and licensed and regulated by the National Pension Commission (PenCom).
The firm’s principal activity is pension fund administration involving the management of retirement savings accounts and legacy funds.
“After the acquisition, the acquirer (Access Golf Nigeria Limited) intends to effect a merger of the target (ARM Pension) with Access Pensions Limited (Access Pensions)” the statement reads.
“The target in addition to Access Pensions activities also offers other pension products and services including: retirement advisory; programmed withdrawal; micro pension, and additional voluntary contribution.
“Following the acquisition, ARM Pension and Access Pensions (the merging entities) will merge and become one entity.
“The merger will be consummated through a scheme of merger (the scheme). Under the terms of the scheme, ARM Pension will transfer all its assets, liabilities and undertakings to Access Pensions.
“The merger of ARM Pension and Access Pensions will create a pension fund administrator with assets under management (AUM) of just over N2.22 Trillion. The expected revenue and cost synergies are material and promise significant long-term value.
FCCPC also said the merger would provide customers with an enhanced service offering, support the rollout of micro pension products and provide a better overall customer experience.