FCMB Pensions To Acquire AIICO Pension Managers

FCMB (First City Monument Bank) Pensions Limited is planning to acquire AIICO Pension Managers Limited. It was learnt that FCMB Pensions has revealed its interest to purchase the stakes of the various shareholders in AIICO Pension Managers, a statement seen by AllNews revealed.

In the statement, the parent company of FCMB Pensions, FCMB Group said its pension management subsidiary has begun discussions with AIICO Pension Managers' shareholders to acquire a 70% stake of AIICO Insurance Plc. FCMB Pensions also plans the 26% stake held by some other shareholders in AIICO Pensions.

The acquisition is, however, subject to regulatory approval from the  National  Pension  Commission and the Federal Competition and Consumer Protection Commission. If the acquisition is completed, AIICO Pensions will become an indirect subsidiary of FCMB Group Plc, the statement disclosed.

"FCMB  Group  Plc (FCMB  Group) hereby notifies the  Nigerian  Stock Exchange (“NSE”) and the investing public that its  pension management subsidiary, FCMB  Pensions Limited (“FCMB Pensions”) has entered into discussions with shareholders of AIICO Pension Managers Limited (“AIICO Pensions”), to acquire the 70% stake held by AIICO Insurance Plc and 26% held by some other shareholders in AIICO Pensions.

"The proposed acquisition will make AIICO Pensions an indirect subsidiary of FCMB Group Plc. The proposed transaction is subject to the approvals of the  National  Pension  Commission and the Federal Competition and Consumer Protection Commission. We  shall  notify  the  NSE and  the  investing  public once  the  relevant  approvals  for  the  transaction  are received."

About FCMB Pensions Limited

FCMB Pensions Limited is licensed by the National Pension Commission (PenCom), to carry on business as a Pension Fund Administrator (PFA). It has over N330 billion asset under management comprising, retirement savings accounts, retirement accounts as well as privately managed pension funds for institutions. It has over 350,000 pension contributors which it services from 48 locations across the country.

AIICO Pension Managers Limited

AIICO Pension is licensed by the National Pension Commission (PenCom), to carry on business as a Pension Fund Administrator (PFA). It has over N120 billion asset under management comprising, retirement savings accounts, retirement accounts as well as privately managed pension funds for institutions. It has over 240,000 pension contributors.