December 8, 2022

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FBN Holdings will get regulator’s last approval to accumulate Entry Pension


The Central Financial institution of Nigeria (CBN) has granted to FBN Holdings’ subsidiary, First Pension Custodian Nigeria Restricted (First Pension) the approval to accumulate Entry Pension Fund Custodian Restricted.

First Pension Custodian Nigeria Restricted, a wholly-owned subsidiary of First Financial institution of Nigeria Holdings (FBN Holdings) acquired 100 per cent stake of First Pension from Entry Financial institution, owned by Entry Holdings.

Recall that the Nationwide Pension Fee (PenCom) had earlier granted its approval for the takeover.

FBN Holdings Plc, by means of its subsidiary First Pension Custodian Restricted, agreed with Entry Financial institution Plc to purchase out the latter’s pension subsidiary Entry Pension Fund Custodian in a deal involving 100 per cent possession switch.

The acquisition is the fruits of the divestment course of by Entry Pension Custodian Restricted from the pension custody enterprise, switch of all property beneath its custody to First Pension Custodian Restricted and the return of its working license to PenCom.

In an announcement launched by FBN Holdings to buyers and the Nigerian Trade Restricted (NGX), the corporate mentioned the central financial institution had “no objection” to the acquisition deal.

It was additionally disclosed that the Nationwide Pension Fee (PenCom) and the Federal Competitors and Shopper Safety Fee (FCCPC) had given approval to the acquisition as nicely.

“The transaction has the “no objection” of the Central Financial institution of Nigeria in addition to the approvals of the Nationwide Pension Fee and the Federal Competitors and Shopper Safety Fee”, the assertion reads.

The acquisition is anticipated to shrink the variety of PFCs within the nation to 3 firms.

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They embody Zenith Pensions Custodian Restricted, UBA Pensions Custodian Restricted and First Pension Custodian Restricted.