The regulator, in a statement, said it authorised the
acquisition of Investment One Pension Managers Limited by Guaranty Trust
Holding Company Limited and subsequent change of name from Investment One
Pension Managers Limited to Guaranty Trust Pension Managers Limited.
PenCom also approved the acquisition of AIICO Pension
Managers Limited by FCMB Pensions Limited.
The exercise also witnessed the merger between Tangerine
Pensions Limited and APT Pension Funds Managers Limited and subsequent change
of name of the merged entity to Tangerine APT Pensions Limited.
PenCom had in April 2021, mandated PFAs to raise their
Minimum Regulatory Capital (shareholders’ fund) requirements to N5 billion from
N1 billion, with 12 months to complete the exercise.
The commission had said it had given approval for Mergers
and & Acquisitions (M&A) which may reduce the number of operating
pension fund administrations (PFAs) in the country.
Director General/Chief Executive of PenCom, Mrs. Aisha
Dahir-Umar, said the maintenance of a consistent growth trajectory continued to
justify the commission’s overriding investment philosophy of ensuring the
safety of pension fund assets.
According to PenCom’s first quarter 2021 report, the
commission had approved the acquisition of AXA Mansard Pensions Limited by
Eustacia Limited, and the change of name from AXA Mansard Pensions Limited to
Tangerine Pensions Limited.
The commission further granted “No Objection” for the merger
between Tangerine Pensions Limited and Apt Pension Funds Managers Limited.
FCMB Pensions Limited, one of the subsidiaries of the First
City Monument Bank Group plc, had acquired a 60 percent stake in AIICO Pension
Managers Limited.