All the recent Mergers and Acquisitions in the Pension Industry 2020 to 2022

September 9, 2022 PensionNigeria

The National Pension Commission (PenCom) in April 2021 released a circular to Pension Fund Administrators (PFAs) that the Minimum Regulatory Capital requirements (Shareholders’ Fund) for PFAs have been increased from N1 billion to N5 billion, but the PFAs were given a grace period of 12 months which ended in April 2022.

The above lead to different mergers and acquisitions in the pension industry, in this article PensionNigeria compiled all the mergers and acquisitions in the pension industry from 2020 to 2022.

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The mergers and acquisitions affected the following Pension Fund Operators (PFOs); FCMB Pensions Limited, AIICO Pension Managers Limited, AXA Mansard Pensions Limited, APT Pension Managers Limited, Investment One Pension Managers Limited, IEI-Anchor Pension Managers Limited, Access Pension Fund Custodian Limited, First Pension Custodian Nigeria Limited, First Guarantee Pension Limited and Radix Pension Fund Managers Limited.

Read all the mergers and acquisitions below;

FCMB Group Plc in June 2020 announced that its pension management subsidiary, FCMB Pensions Limited has entered into discussions with the shareholders of AIICO Pension Managers Limited, to acquire the 70% stake held by AIICO Insurance Plc and 26% held by some other shareholders. In PenCom 2nd quarter 2022 report, PenCom disclosed that FCMB Pensions Limited has acquired 96.3% stake in AIICO Pension Managers, this was done with an initial acquisition of 60% stake and a subsequent 36.3% stake in AIICO Pension Managers. Consequently, there is no more AIICO Pension Managers Limited, all the customers of AIICO Pension are now customers of FCMB Pensions Managers Limited.

AXA Mansard Insurance plc in August 2020 announced the divestment from AXA Mansard Pensions Limited after obtaining the Shareholder’s approval at the Company’s Extra Ordinary General Meeting in February 2020. National Pension Commission (PenCom) disclosed in its 3rd quarter 2020 report that it has granted a “No Objection” approval for Eustacia Limited, an SPV (Special Purpose Vehicle) incorporated in Nigeria and wholly owned by Verod Capital Management Fund, to acquire 100% shareholding in AXA Mansard Pension Limited, PenCom further disclosed that the acquisition processes had since been concluded. After the acquisition, AXA Mansard Pensions Limited re-branded and changed its name to Tangerine Pensions Limited.

Thereafter, Tangerine Pensions Limited and APT Pension Managers Limited merged into a new entity called, Tangerine APT Pensions Limited. Consequently, there is no more AXA Mansard Pensions Limited and APT Pension Managers Limited, all the customers of AXA Mansard Pensions and APT Pension are now customers of Tangerine APT Pensions Limited.

Guaranty Trust Holding Company Plc (GTCO) announced in February 2022 that it has acquired 100% stake in Investment One Pension Managers Limited, resulting in the change of name of the PFA to Guaranty Trust Pension Managers Limited. Consequently, there is no more Investment One Pension Managers Limited all their customers are no customers of Guaranty Trust Pension Managers Limited.

Norrenberger Financial Group in April 2022 announced that it has acquired the majority shareholder of IEI-Anchor Pension Managers Limited, International Energy Insurance Plc. It was further disclosed that Norreenberger Advisory Partners Limited acquired 81% shareholding in International Energy Insurance (IEI) Plc, to become a significant shareholder in IEI-Anchor Pension Managers Limited. This lead to the change of name from IEI-Anchor Pension Managers Limited to Norrenberger Pension Limited. Consequently, there is no more IEI-Anchor Pension Managers Limited, all their customers are now customers of Norrenberger Pension Limited.

Access Holding Plc in May 2022 announced that Access Bank PLC has sold the entire share capital of Access Pension Fund Custodian Limited to First Pension Custodian Nigeria Limited. This paved the way for Access Holding Plc to divest from the pension custodian business into the pension administration business. Access Holdings Plc in the same month announced that it is set to acquire majority stake in First Guarantee Pension Limited. Thereafter, Access Holdings Plc in August 2022 announced that it has received all regulatory approvals for the acquisition of majority stake in First Guarantee Pension Limited. Though Access Holding Plc has majority stake in First Guarantee Pension Limited, there has been no change of name and the PFA remains First Guarantee Pension Limited, this could mean that Access Holding Plc is not done with its acquisition in the pension industry.

The National Pension Commission (PenCom) in its 2nd quarter 2022 report disclosed that MBO Capital Management Limited acquired 80% shareholding of Radix Pension Fund Managers Limited.

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