The approval of the transaction was announced in a statement issued by PenCom on Monday and signed by the Commission’s management.
The acquisition, according to PenCom, is the culmination of the divestment process by Access Pension Custodian Limited from the pension custody business, transfer of all assets under its custody to First Pension Custodian Limited and the return of its operating license to PenCom.
The Commission in the statement assured stakeholders and the general public of its continued commitment to the effective regulation and supervision of the pension industry.
The statement reads, “The National Pension Commission wishes to inform the general public and relevant Stakeholders that PenCom has approved the acquisition of Access Pension Custodian Limited by First Pension Custodian Limited.
“The Commission assures Stakeholders and the general public of its continued commitment to the effective regulation and supervision of the pension industry.”
First Pension Custodian had In May this year initiated a move to acquire 100 per cent interest in Access Pension Fund.
Access Bank holds 100 per cent interest in the custodian’s arm, according to a statement submitted to the Nigerian Exchange Limited.
The acquisition deal had received no objection to the transaction by the Central bank of Nigeria and the National Pension Commission.