Entry Holdings will get nod to amass stake in First Assure Pension

Entry Company has revealed that the corporate acquired regulatory approval for the acquisition of First Assure Pension Restricted (FGPL), however didn’t disclose which of the regulators accredited the deal.

The acquisition of First Assure Pension Restricted locations the deal below the approval of two business regulators; the Nationwide Pension Fee (PenCom) and Central Financial institution of Nigeria (CBN).

That is contained in a disclosure signed by Sunday Ekwochi, Firm Secretary, titled, “Entry Company declares receipt of full regulatory approval in respect of its acquisition of majority fairness stake in First Assure Pension Restricted.”

The Group believes the transaction is pivotal in its plan to evolve right into a monetary service holding firm positioned to realize related scale throughout Africa, international financial centres and beyond-banking verticals.

The disclosure said, “Entry Holding Plc buying and selling as Entry Company sequel to its earlier announcement on Could 19, 2022, declares right now that it has acquired full regulatory approval of its acquisition of majority fairness stake in First Assure Pension Restricted.

“Following this growth, FGPL is now a subsidiary of the company and can present a robust springboard for the company’s execution of its ecosystem technique for the pension funds administration business.

Talking on this growth, Dr. Herbert Wigwe, Group Chief Govt Officer, Entry Company stated, “this transaction is in step with our imaginative and prescient to create a globally linked neighborhood and ecosystem; impressed by Africa for the world. We are going to deploy our famend tradition of robust danger administration, revolutionary expertise and the perfect observe company governance to ship excessive requirements of administration and returns on pension property to the advantage of our stakeholders.”

Recall that First Assure Pension Restricted has a troubled previous tied up in a administration disaster that led to the pension regulator sacking the administration in 2011, and sustaining authority for over 5 years.

The Group entered into an settlement with the corporate relating to the potential acquisition of a majority fairness stake within the FGPL.

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