FCMB moves to acquire AIICO Pensions

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FCMB Group Plc has said there are ongoing conversations for a potential acquisition of AIICO Pension Managers Limited by its subsidiary, FCMB Pensions Limited.

According to the statement obtained from the Nigerian Stock Exchange, the deal will involve FCMB Pensions acquiring the 70 per cent stake held by AIICO Insurance Plc and 26 per cent of minority-controlled shares, thus bringing the cumulative sale of 96 per cent stake to be purchased by FCMB Pensions.

The statement signed by the Company Secretary, AIICO Insurance Plc, Donald Kanu, said AIICO Pensions would cease to be a subsidiary of AIICO Insurance Plc at the conclusion of the proposed sale.

The proposed transaction is subject to the approvals of the National Pension Commission and the Federal Competition and Consumer Protection Commission.

Chairman of the Board of Directors, FCMB Pensions, Ladi Balogun, who commented on the move said, “the business intends to use its scale to positive effect towards investing in the growth of the Nigerian economy, while ensuring safety and the most competitive returns for its customers.”

Also, the Pensions arm of the bank recently appointed Mrs Titi Adeoye to the Board of Directors of its investment committee.

Adeoye is the Founder and Chief Investment Officer of Sankore. The new Director holds an MBA from Harvard Business School, a BBA in Accounting from Howard University and is a Certified Public Accountant.

Mrs Adeoye’s skills in investment strategy were honed at firms like Goldman Sachs in New York.

Source: PUNCH.

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