First Bank Completes Acquisition Of Access Bank‘s Pension Business

First Pension Custodian Nigeria Limited, the subsidiary of First Bank of Nigeria, has fully taken over possession of Access Pension Fund Custodian Limited, the pension subsidiary of Access Bank. 

In a statement released by Access Holdings, the company disclosed that the entire equity interest its banking corporation has in Access Pension Fund Custodian Limited has been completely divested. 

Access Bank transferred the shares to First Pension Custodian Nigeria Limited, after their initial agreement was announced in May in a filing submitted to the capital market authority, Nigerian Exchange Limited (NGX). 

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On Wednesday, Access Holdings updated the capital market investors, informing them that, “Sequel to its announcement on May 18, 2022, Access Holdings Plc trading as Access Corporation is pleased to inform the Nigerian Exchange Limited and the investing public that its subsidiary, Access Bank Plc has completed the divestment of its entire equity interest in Access Pension Fund Custodian Limited to First Pension Custodian Nigeria Limited (the Transaction”), a subsidiary of First Bank of Nigeria Limited. 

“The Transaction has received the full approvals of the relevant regulatory agencies.” the statement reads. 

The divestment of shares by Access Bank follows the acquisition of First Guarantee Pension Limited. The acquisition is currently enmeshed in lawsuit from shareholders of First Guarantee Pension, who said they didn’t approve the deal.