Coronation Merchant Bank Limited Advises Access Holdings Plc on the Acquisition of a Majority Equity Stake in First Guarantee Pension Limited, the Acquisition of an Indirect Equity Stake in Sigma Pensions Limited, and the Subsequent Formation of Access Pensions Limited Through the Merger of Both Entities
Lagos, Nigeria – 9th January, 2023
Nigeria’s leading financial institution, Coronation Merchant Bank (Coronation MB) is pleased to advise Access Holdings Plc, trading as Access Corporation (“the Corporation”) on the acquisition of a majority equity stake in First Guarantee Pension Limited (“First Guarantee Pension”), the acquisition of an indirect equity stake in Sigma Pensions Limited (“Sigma Pensions”) and the subsequent formation of Access Pensions Limited through the merger of Sigma Pensions and First Guarantee Pension.
Coronation MB advised the Corporation on the valuation of both businesses, the merger structure and the receipt of regulatory approvals, as well as the preparation of the Scheme of Merger and financial projections to support the deal structure adopted.
The acquisition of Sigma Pensions and First Guarantee Pension and the subsequent merger of both entities received the requisite regulatory approvals from the Federal Competition and Consumer Protection Commission, the National Pension Commission and the Central Bank of Nigeria. Additionally, the scheme of merger between Sigma Pensions and First Guarantee Pension was sanctioned by the Federal High Court.
As a result of the merger, Access Pensions Limited, a subsidiary of Access Holdings Plc, is now Nigeria’s fourth largest Pension Fund Administrator (“PFA”) by Assets Under Management. This merger is consistent with Access Holdings’ corporate strategy to provide an all-inclusive financial system to serve its extensive and fast-growing client base.
Commenting on this transaction, Banjo Adegbohungbe, MD/CEO of Coronation Merchant Bank stated that “We are pleased to have facilitated this landmark transaction which will enable Access Corporation to leverage the synergies of these entities in addition to their expansive distribution network. Our partnership with them is in line with our commitment to providing sustainable value to our customers and assisting them in achieving their strategic goals. We appreciate the board and management of Access Corporation for their commitment and dedication throughout the process.”
About Coronation Merchant Bank
Coronation Merchant Bank was established in 2015 to provide wholesale banking to a long-underserved market. The Bank offers Corporate & Investment Banking, Private Banking/Wealth Management and Global Markets/Treasury Services to its niche clientele. It is the first and only merchant bank in Nigeria with an international risk rating. It presently has two branches located in Abuja and Port Harcourt with its Head Office in Lagos, Nigeria.
The Bank has been the recipient of numerous international and national awards including Best Investment Bank in Nigeria by Global Finance, Best Investment Bank in Nigeria by World Finance, Best Investment Bank in Nigeria by Global Banking & Finance Review, Best Investment Bank by Global Business Outlook, Best Investment Bank in Nigeria by International Finance and Best Investment Bank in Nigeria at the BusinessDay Banking and Financial Institution Awards.