QUICK TAKE: Nigeria’s FCMB Group Announces Acquisition of AIICO Pension Managers Ltd

The pension management subsidiary of FCMB Group Plc, FCMB Pensions Limited, has completed the acquisition of 60% stake in AIICO Pension Managers Limited. The deal follows the receipt of all regulatory approvals by FCMB Pensions.

A corporate action by FCMB Group, which was sent to the Nigerian Exchange Limited and obtained by Business Elites Africa, explained that the deal comprised of 33.9% stake previously held by AIICO Insurance Plc, as well as 26.1% stake previously held by other shareholders.

Following the acquisition, AIICO Pensions Limited will henceforth become an indirect subsidiary of FCMB Group. The company said the newly acquired company will be combined with its already existing pension management subsidiary. The plan is to create a stronger and more resilient pension business.

Recall that FCMB Group Plc had on June 25, 2020 notified the Nigerian bourse about its intent to acquire 96.3% ownership stake in AIICO Pension Managers Limited. However, in its latest announcement earlier this morning, the company explained that it decided to reduce the transaction from the initially proposed 96.3% stake so as to enable it  “to comply with the transaction structure approved by regulators”.

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