By Rukayat Adeyemi, Lagos.
The National Pension Commission (PenCom) says it has approved the acquisition of Access Pension Custodian Ltd., a subsidiary of Access Bank, by First Pension Custodian Ltd., subsidiary of First Bank of Nigeria.
The approval of the transaction was announced on Monday in a statement made available by the commission’s spokesman, Mr Abdulqadir Dahiru, in Lagos.
“PenCom wishes to inform the general public and relevant stakeholders that it has approved the acquisition of Access Pension Custodian Ltd. by First Pension Custodian Ltd.
“The acquisition is the culmination of the divestment process by Access Pension Custodian Ltd. from the pension custody business, transfer of all assets under its custody to First Pension Custodian Ltd. and the return of its operating licence to PenCom,” it said.
The commission also assured stakeholders and the general public of its continued commitment to the effective regulation and supervision of the pension industry.