Abuja – The National Pension Commission (PenCom) has approved the request for merger and acquisition of some operators in the pension industry.
PenCom said this on Wednesday in Abuja through its twitter handle.
The Commission, according to the post, approved the acquisition of Investment One Pension Managers Limited by Guaranty Trust Holding Company Limited. It also approved the subsequent change of name from Investment One Pension Managers Limited to Guaranty Trust Pension Managers Limited.
Also approved is the acquisition of AIICO Pension Managers Limited by FCMB Pensions Limited; and the merger between Tangerine Pensions Limited and APT Pension Funds Managers Limited.
According to the tweet, Pencom also approved the subsequent change of name of the merged entity to Tangerine APT Pensions Limited.
The post reads, “This is to inform all stakeholders and the general public that the National Pension Commission (PenCom) has approved the following Mergers and Acquisitions;
“The Acquisition of Investment One Pension Managers Limited by Guaranty Trust Holding Company Limited and subsequent change of name from Investment One Pension Managers Limited to Guaranty Trust Pension Managers Limited.
“The Acquisition of AIICO Pension Managers Limited by FCMB Pensions Limited; and the Merger between Tangerine Pensions Limited and APT Pension Funds Managers Limited and subsequent change of name of the merged entity to Tangerine APT Pensions Limited.”
The approval is coming three months to the expiration of the April 20 deadline given to Pension Fund Administrators to beef up their operating capital from the current level of N1bn to N5bn.
The National Pension Commission had in May last year, directed PFAs to raise their shareholders’ fund, from N1bn to N5bn giving them 12-month transition period.
The development was the second time the regulator is raising the capital base of PFAs since the inception of the Contributory Pension Scheme in 2004.
In 2011, PenCom had raised the operating capital of PFAs from N150m to N1bn.
In the present regime, the commission is demanding for a N5bn minimum capital.
Currently, there are 22 licensed pension Fund Administrators operating in Nigeria.
These are AIICO Pension Managers Limited, APT Pension Fund Managers Limited, ARM Pension Managers Limited, Crusader Sterling Pensions Limited, FCMB Pensions Limited, Fidelity Pension Managers, First Guarantee Pension Limited, IEI-Anchor Pension Managers Limited, Investment One Pension Managers Limited, and Leadway Pensure PFA Limited.
There is also the Nigerian University Pension Management Company, NLPC Pension Fund Administrators Limited, NPF Pensions Limited, OAK Pensions Limited, Pensions Alliance Limited, Premium Pension Limited, Radix Pension Managers Limited, Sigma Pensions Limited, Stanbic IBTC Pension Managers Limited, Tangerine Pensions Limited, Trustfund Pensions Limited and Veritas Glanvills Pensions Limited. (vitalnews)
