FCMB Group Plc in Talks to Acquire 96 Percent Stake in AIICO Pensions

FCMB Group Plc through its subsidiary FCMB Pensions Limited is in talks to acquire a 70 percent stake held by AIICO Pension Managers and 26 percent hed by other shareholders in AIICO Pensions.

In the statement signed by Kayode Adewuyi, Chief Financial Officer and Ladi Balogun, the Group Chief Executive, and released on the Nigerian Stock Exchange website on Thursday, the lender said “FCMB Group Plc (FCMB Group) hereby notifies the Nigerian Stock Exchange (“NSE”) and the investing public that its pension management subsidiary, FCMB Pensions Limited (“FCMB Pensions”) has entered into discussions with shareholders of AIICO Pension Managers Limited (“AIICO Pensions”), to acquire the 70% stake held by AIICO Insurance Plc and 26% held by some other shareholders in AIICO Pensions.”

The bank, therefore, stated “The proposed acquisition will make AIICO Pensions an indirect subsidiary of FCMB Group Plc.

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

It added that “We shall notify the NSE and the investing public once the relevant approvals for the transaction are received.”