FCMB Group Acquires 60 Percent Stake in AIICO Pensions

FCMB Group Plc, through its pension management subsidiary, FCMB Pensions Limited has acquired a 60 percent stake in AIICO Pension Managers Limited following regulatory approvals.

The lender stated in a disclosure statement signed by Kayode Adewuyi, Chief Financial Officer, FCMB Group Plc.

The acquisition comprises of 33.9 percent stake held by AIICO Insurance Plc and 26.1 percent stake held by others in AIICO Pensions.

Therefore, AIICO Pension Managers Limited is now an indirect subsidiary of FCMB Group Plc.

However, FCMB Group was forced to reduce the stake from the initial 96.3 percent proposed in its notification of June 25, 2020 in line with the transaction structure approved by regulators.

According to the lender, the target is to combine the businesses of FCMB Pensions Limited and AIICO Pension Managers Limited and build a better and more resilient business.

The statement reads “FCMB Pensions Limited (“FCMB Pensions”) has received relevant regulatory approvals and concluded the acquisition of a 60% stake in AIICO Pension Managers Limited (“AIICO Pensions”). This is made up of 33.9% stake held by AIICO Insurance Plc and 26.1% stake held by other shareholders in AIICO Pensions.

“The acquisition makes AIICO Pensions an indirect subsidiary of FCMB Group Plc.

“The acquired stake was reduced from the initial 96.3% stake in our notification to the NGX on 25 June 2020 to comply with the transaction structure approved by regulators. The goal is to combine the businesses of FCMB Pensions and AIICO Pensions to build a stronger and more resilient business.”