FCMB Pensions Limited to acquire AIICO Pension Managers Limited

FCMB Pensions Limited is set to acquire AIICO Pension Managers Limited. This was disclosed in two separate notifications to the Nigerian Stock Exchange (“NSE”) by FCMB GROUP Plc and AIICO Insurance Plc.

Notification to NSE by FCMB Group Plc

FCMB Group Plc (FCMB Group) hereby notifies the Nigerian Stock Exchange (“NSE”) and the investing public that its pension management subsidiary, FCMB Pensions Limited (“FCMB Pensions”) has entered into discussions with shareholders of AIICO Pension Managers Limited (“AIICO Pensions”), to acquire the 70% stake held by AIICO Insurance Plc and 26% held by some other shareholders in AIICO Pensions.

The proposed acquisition will make AIICO Pensions an indirect subsidiary of FCMB Group Plc. The proposed transaction is subject to the approvals of the National Pension Commission and the Federal Competition and Consumer Protection Commission. We shall notify the NSE and the investing public once the relevant approvals for the transaction are received.

Notification to NSE by AIICO Insurance Plc

AIICO Insurance Plc (AIICO) hereby notifies the Nigerian Stock Exchange (“NSE”) that AIICO has entered into discussions with FCMB Pensions Limited (“FCMB Pensions”), for the sale of 70% stake in its Pension Management subsidiary, AIICO Pensions Managers Limited (“AIICO Pensions”) to FCMB Pensions Limited. The proposed sale is AIICO’s stake of 70% and other shareholders stakes of 26% thus bringing the cumulative sale of 96% stake to be purchased by FCMB Pensions.

At the conclusion of the proposed sale, AIICO Pensions shall cease to be a subsidiary of AIICO Insurance Plc. The proposed transaction is subject to the approvals of the National Pension Commission and the Federal Competition and Consumer Protection Commission. We shall notify the Nigerian Stock Exchange (“NSE”) once the relevant approvals for the transaction are received.

See also

What will change for Customers when FCMB Pensions Limited acquires AIICO Pension Managers Limited

FCMB Group’s Pension Acquisition Journey