This is contained in a disclosure signed by Sunday Ekwochi, Company Secretary, titled, “Access Corporation announces receipt of full regulatory approval in respect of its acquisition of majority equity stake in First Guarantee Pension Limited.”
The Group believes the transaction is pivotal in its plan to evolve into to a financial service holding company positioned to gain relevant scale across Africa, global monetary centres and beyond-banking verticals.
The disclosure stated, “Access Holding Plc trading as Access Corporation sequel to its earlier announcement on May 19, 2022, announces today that it has received full regulatory approval of its acquisition of majority equity stake in First Guarantee Pension Limited.
“Following this development, FGPL is now a subsidiary of the corporation and will provide a strong springboard for the corporation’s execution of its ecosystem strategy for the pension funds administration industry.”
Speaking on this development, Dr Herbert Wigwe, Group Chief Executive Officer, Access Corporation said, “this transaction is in line with our vision to create a globally connected community and ecosystem; inspired by Africa for the world. We will deploy our renowned culture of strong risk management, innovative technology and the best practice corporate governance to deliver high standards of management and returns on pension assets to the benefit of our stakeholders.”
The new status gives Access Holdings, which already has well-established subsidiaries in not less than 12 African markets and also in United Kingdom, the opportunity to expand into other financial services and non-finance businesses, in addition to its known commercial banking franchise.
The members of Access Holdings: are the flagship Access Bank Plc and its former subsidiaries, which include Access Bank (Gambia) Limited, Access Bank (Sierra Leone) Limited, Access Bank (Rwanda) Plc, Access Bank (Zambia) Limited, Access Bank (R.D Congo) S.A.R.L, Access Bank (Ghana) Plc, Access Bank (Guinea) S.A, The Access Bank (UK )Limited, Access Bank (Mozambique) S.A, Access Bank Kenya Plc, Access Bank (South Africa) Limited; and African Banking Corporation of Botswana Limited.
Wigwe had explained that the transition to holdco was in order to realign the group for growth and create strategic flexibility and diversification of its revenues.
According to him, the non-operating financial holding company would enable the group to hold investment in banking and non-banking subsidiaries as well as benefit from available market opportunities and grow scale in the regulated consumer lending market, African electronic payments industry and Nigerian retail insurance market.
Wigwe expressed optimism that the group would do well as its planned strategies in 2022 are intended to unlock opportunities for its stakeholders as well as its shareholders.
“We plan to do this by building a dynamic, efficient and agile bank with a digital-first mindset, capable of providing best in class service with strong returns,” Wigwe said.
Recall that First Guarantee Pension Limited has a troubled past tied up in a management crisis that led to the pension regulator sacking the management in 2011, and maintaining authority for over five years.
The Group entered into an agreement with the company regarding the potential acquisition of a majority equity stake in the FGPL.