The National Pension Commission (PenCom) yesterday said it has approved the mergers and acquisitions of some pension fund managers in the country.
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The regulator, in a statement, said it authorised the acquisition of Investment One Pension Managers Limited by Guaranty Trust Holding Company Limited and subsequent change of name from Investment One Pension Managers Limited to Guaranty Trust Pension Managers Limited.
PenCom also approved the acquisition of AIICO Pension Managers Limited by FCMB Pensions Limited.
The exercise also witnessed the merger between Tangerine Pensions Limited and APT Pension Funds Managers Limited and subsequent change of name of the merged entity to Tangerine APT Pensions Limited.
PenCom had in April 2021, mandated PFAs to raise their Minimum Regulatory Capital (shareholders’ fund) requirements to N5 billion from N1 billion, with 12 months to complete the exercise.
The commission had said it had given approval for Mergers and & Acquisitions (M&A) which may reduce the number of operating pension fund administrations (PFAs) in the country.
Director General/Chief Executive of PenCom, Mrs. Aisha Dahir-Umar, said the maintenance of a consistent growth trajectory continued to justify the commission’s overriding investment philosophy of ensuring the safety of pension fund assets.
According to PenCom’s first quarter 2021 report, the commission had approved the acquisition of AXA Mansard Pensions Limited by Eustacia Limited, and the change of name from AXA Mansard Pensions Limited to Tangerine Pensions Limited.
The commission further granted “No Objection” for the merger between Tangerine Pensions Limited and Apt Pension Funds Managers Limited.
FCMB Pensions Limited, one of the subsidiaries of the First City Monument Bank Group plc, had acquired a 60 percent stake in AIICO Pension Managers Limited.
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