AIICO Pension has announced the change of guards at the company. It will now be referred to as FCMB Pensions.
It was also gathered that all management staff of AIICO Pension have left the company, including the Managing Director, Eguarekhide Longe.
FCMB Pensions has a new Managing Director. It is Christopher Babatunde Bajowa, whose appointment has been okayed by the National Pension Commission (PenCom).
In a statement, FCMB Pensions stated: “We are pleased to inform you that AIICO Pension Managers has merged with FCMB Pensions Limited, a leading Pension Fund Administrator. Consequently, AIICO Pension will now be referred to as FCMB Pensions, a member of the FCMB Group.
“With this merger, we reassure all our valued customers of safety of funds, sustained and competitive return on investment, more service outlets, FCMB Group offering and better customer experience.”
However, FCMB Pensions did not show or name its new board and management.
In the majority stake takeover, FCMB Pensions bought 26.1 per cent stake held by other shareholders in AIICO Pensions, thereby making FCMB Pensions a majority shareholder with 60 per cent stake in AIICO Pensions.
This is in line with the approval from PenCom, which ordered Pension Fund Administrators (PFAs) to raise their minimum share capital base from N1 billion to N5 billion by April 12, 2022.
A notification by FCMB Group Plc through a corporate disclosure to the Nigerian Exchange Limited (NGX) last year affirmed that it had purchased a 60 per cent stake in AIICO Pension Managers.
AIICO Insurance also confirmed the announcement with a notification to the NGX and the public that it had sold 33.9 per cent of its shareholding in AIICO Pensions, which added to the 26.1 per cent FCMB bought from other shareholders in the company made FCMB a majority shareholder. This was lower than a 70 per cent stake earlier stated to the NGX.
FCMB said: “The acquired stake was reduced from the initial 96.3 per cent stake in our notification to the NGX on June 25, 2020 to comply with the transaction structure approved by regulators.”
The company added that the acquisition was to combine the activities of its pension management subsidiary, FCMB Pensions Limited, with that of AIICO Pensions to build a stronger and more resilient business.
