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Chairman of Grand Towers Limited, Nze Chidi Duru, has described the merger between Access Pensions and ARM Pensions as a game changer for the pensions industry in Nigeria.
Nze Duru stated this during the unveiling ceremony of Access ARM Pensions Limited held on Thursday, 3rd October 2024 in Abuja.
Join our WhatsApp ChannelThe business magnate was among the dignitaries that attended the event hosted at the company’s head office in Abuja.
He averred that the merger between the two companies would improve efficiency and boost retirement savings and investment services for their valued customers.
Duru, a former House of Representatives member, stated that with a combined Asset Under Management (AUM) funds of N3 trillion and over 2 million Retirement Savings Account (RSA) holders, the company is strategically positioned to become the leading player in the Pension Fund Administrators (PFAs) sector in Nigeria.
Also speaking, the acting Chairman, Access ARM Pensions and former Deputy Speaker of the House of Representatives, Hon. Austin Okpara, commended Nze Duru for being one of the earlier players in the industry when he founded First Guarantee Pension Limited in 2007.
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Okpara further hailed Duru’s leadership of the House of Representatives Ad-Hoc Committee on Pension Reforms which gave birth to the modern pension industry in Nigeria.
It would be recalled that Access Pensions Limited completed the acquisition of First Guarantee Pension Limited in 2022. The latter, founded and owned by Nze Duru, has remained one of the most respected players in the sector over the years.
PenCom’s approval of the merger has brought the number of Pension Fund Administrators (PFAs) in the country to 18.
