Aluko & Oyebode (the “Firm”) is pleased to have advised Access Holdings Plc (“Access Corporation”) on its acquisition of an indirect equity stake in Sigma Pensions Limited from Actis Golf B.V., and the subsequent merger of Sigma Pensions Limited and First Guarantee Pension Limited (“FGPL”), a subsidiary of Access Corporation (the “Transaction”).
Following the completion of the acquisition which secured the relevant regulatory approvals of the National Pension Commission and the Federal Competition and Consumer Protection Commission, Access Corporation initiated the merger between Sigma Pensions and FGPL which was subsequently sanctioned by the Federal High Court. In accordance with the terms of the merger, FGPL has been dissolved without being wound up and the enlarged Sigma Pensions has been renamed as Access Pensions Limited.
The Transaction resulted in Access Pensions Limited becoming the fourth largest Nigerian Pension Fund Administrator by assets under management. Commenting on this landmark transaction, Dr. Herbert Wigwe, the Group Chief Executive of Access Corporation, stated: “Following the successful completion of the merger, our plan is to leverage the synergies of these entities, as well as the Corporation’s expansive distribution network, strong risk management culture and best-in-class governance standards to create a formidable pension funds administration business”.
The Firm’s transaction team was led by Partners of the Firm, Olubunmi Fayokun and Ayodeji Oyetunde who were assisted by our Associates, Chiderah Azodoh, Ayomide Ogunsesan and Gregory Yinka-Gregg.