Access Holdings, Led By Nigerian Banker Aigboje Aig-imoukhuede, Merges Pension Units To Strengthen Market Position

Access Holdings, a leading financial services group led by Nigerian banker Aigboje Aig-Imoukhuede, has announced a strategic merger in its pension administration arm, merging its subsidiary, Access Pension Limited, with ARM Pension Managers Limited to form Access ARM Pensions Limited AAPL.

The merger, disclosed on Oct. 2, 2024, on the Nigerian Exchange NGX , is aimed at enhancing operational capabilities and fostering innovation in Nigeria's expanding pension sector. The merger positions the newly created entity, AAPL, for enhanced operational capabilities and innovation in Nigerias expanding pension industry.

With assets under management nearing N3 trillion 1.8 billion and over 2 million Retirement Savings Account RSA holders, AAPL has emerged as one of Nigerias largest pension fund administrators based on both customer base and asset size. This new stature enhances AAPL's capacity to deliver increased value to shareholders in a competitive market.

Emenike D. Uduanu, CEO of Access ARM Pensions Limited, expressed optimism about the merger, stating, This merger is a pivotal moment in our journey toward becoming Nigeria's leading pension fund administrator. It provides a platform for service expansion, operational efficiency, and future innovation. Our commitment is to make AAPL a trusted brand, delivering long-term value to individuals planning their retirement.

Access Holdings Chairman Aigboje Aig-Imoukhuede also highlighted the significance of the merger, stating, Im thrilled with the closure of this transformative transaction, which unites two strong players in the pension industry. Access ARM Pensions Limited represents significant opportunities, and I am confident that we will establish a leading African brand in the retirement and benefits sector, contributing to a brighter future for our shareholders.