Both businesses have consolidated, merged, and changed their names to Access Pensions after Access Corporation successfully acquired Sigma Pensions and First Guarantee Pension.
The merger places Access Corporation, a subsidiary of Access Pensions, as Nigeria’s fourth-largest pension fund manager.
It has more over 900 billion Naira in assets under management (AUM), which is double the statutory requirement, and more than one million retirement savings accounts (RSAs).
Dr. Herbert Wigwe, Group Chief Executive of Access Corporation, said that this merger is in accordance with its corporate aim to provide an all-inclusive financial system to cater to its sizable client base in his remarks at the launching of Access Pensions in its projected Head Office in Abuja.
Amaechi Okobi, the Chief Brand and Communications Officer of Access Corporation, spoke on Wigwe’s behalf, “Pension systems do provide an income in the event of retirement, old age, or disability but they also serve a far greater purpose for our customers and communities. Apart from promoting long-term savings for sustainable investment and being retirement savings account for our over 60 million customers, it also stabilises and grows economies.”
“In line with our vision of creating a globally connected community and ecosystem inspired by Africa for the world, we want to start building first from Nigeria and then beyond. That is why we will work closely with our regulators to build this industry for a sustainable future for our community. Let’s shape the future we desire together.”
Dave Uduanu, the managing director of Access Pensions, claimed that when First Guarantee Pension and Sigma Pensions merged, Access Pensions had grown into a sizable, powerful organization with the backing of a solid parent in Access Corporation.
“It is with great pleasure that I announce the joining together of these two great entities to become a formidable Pension Fund Administrator to watch in the pensions industry. The opportunities we all dreamt about are now within our grasp and I welcome all of us as we step into this new and exciting chapter, the emergence of Access Pensions.”
“We are now going to shape the future that we want for ourselves and our customers while we win together. For a start, Access Pensions is adequately capitalised with total shareholders’ funds of more than N10 billion double the minimum regulatory requirement. The legacy companies have been in business for 17 years, working through the years by sheer grit and determination and we have grown the companies that way and endeared ourselves to our customers,” he said.
According to him, his company would collaborate with regulators, partners, and parents to use technology and a carefully thought-out onboarding plan for micro-pensions to extend pension coverage into the vast unorganized sector.
“We believe this reflects the next frontier of growth for the pension industry with strong potential at driving financial inclusion. We believe that the pensions industry has the potential to reach up to 30 million new Micro-pensions customers in Nigeria over the next five years.”
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