The ownership of AIICO Pensions Managers Limited, a pension fund administrator (PFA) will soon change hands.
The FCMB Group and AIICO Insurance Plc have confirmed that they are holding discussions for sale of 96 percent stake of AIICO Pensions Managers Limited to FCMB Pensions Limited.
The parties confirmed the negotiations in separate notifications to the Nigerian Stock Exchange (NSE) on Friday, June 26, 2020.
The proposed transaction is subject to the approvals by the appropriate regulatory agencies, namely the National Pension Commission (PENCOM) and the Federal Competition and Consumer Protection Commission (FCCPC).
The statement by the FCMB Group, which was signed by Mr. Kayode Adewuyi, Chief Financial Officer and Mr. Ladi Balogun, Group Chief Executive Officer, said the proposed acquisition would make AIICO Pensions Ltd an indirect subsidiary of FCMB Group.
They said both organisations had entered into discussions with shareholders of AIICO Pension Managers to acquire the 70 per cent stake held by AIICO Insurance and 26 percent held by some other shareholders in the pension fund administrator.
“We shall notify the NSE and the investing public once the relevant approvals for the transaction are received,” it said.
Similarly, AIICO, in a statement signed by the Company Secretary, Mr. Donald Kanu, said at the conclusion of the proposed sale, AIICO Pensions shall cease to be a subsidiary of AIICO Insurance Plc.
“The proposed sale is AIICO’s stake of 70 per cent and other shareholders stakes of 26 per cent thus bringing the cumulative sale of 96 percent stake to be purchased by FCMB Pensions,” Kanu said.
He said that the company would notify NSE once the relevant approvals for the transaction were received.
