FCMB Group Plc has announced it intends to acquire 96 percent of AIICO Pension Managers Limited through its pension management subsidiary, FCMB Pensions Limited.
The announcement was made in a notification signed by Kayode Adewuyi and Ladi Balogun, The Chief Finance Officer and Group Chief Executive of FCMB Group, published by the Nigerian Stock Exchange today.
The statement reads: “FCMB Group hereby notifies the Nigerian Stock
Exchange and the investing public that its pension management subsidiary, FCMB Pensions Limited has entered into discussions with shareholders of AIICO Pension Managers Limited, to acquire the 70% stake held by AIICO Insurance Plc and 26% held by some other shareholders in AIICO Pensions”.
According to the statement, The proposed acquisition will make AIICO Pensions an indirect subsidiary of FCMB Group Plc.
It further stated that the transaction is still subject to the approval of regulatory authorities and the public will be notified once the necessary approvals have been obtained.
“The proposed transaction is subject to the approvals of the National Pension Commission and the Federal Competition and Consumer Protection Commission.
“We shall notify the NSE and the investing public once the relevant approvals for the transaction are received“.