PenCom Says Access Pension Custodian Now Owned By First Pension Custodian

By LOVETH AZODO, Lagos

The National Pension Commission (PenCom) has announced that it has approved the acquisition of Access Pension Custodian Limited by First Pension Custodian Limited.

The Commission announced this in a statement signed by its management.

According to the statement, The acquisition is the culmination of the divestment process by Access Pension Custodian Limited from the pension custody business, transfer of all assets under its custody to First Pension Custodian Limited and the return of its operating license to PenCom.

“The Commission assures Stakeholders and the general public of its continued commitment to the effective regulation and supervision of the pension industry.” It stated.

It would be recalled that Access Holdings Plc had proposed to acquire a majority equity stake in First Guarantee Pension Limited Pension Fund Administration (PFA),

Speaking on the purchase, the Group Chief Executive Officer of Access Holdings, Mr Herbert Wigwe, disclosed that the deal is in line with the ambitious plans of the organisation to become the major provider of financial services in Africa.