FCMB acquires 88.2% majority stake in Legacy Pension Managers
FCMB Group Plc has reached agreement to acquire additional 60 per cent equity stake in Legacy Pension Managers Limited to increase FCMB’s majority equity stake in the pension firm to 88.2 per cent.
In a regulatory filing yesterday, FCMB stated that it has entered into an agreement with other shareholders of Legacy Pension Managers for the acquisition of an additional 60 per cent equity stake in the firm.
The proposed acquisition will increase FCMB’s interest in Legacy Pension Managers to 88.2 per cent, thus making the firm a subsidiary of FCMB.
However, the transaction is still subject to the approvals of the Central Bank of Nigeria, the National Pension Commission and the Securities and Exchange Commission (SEC).
Legacy Pension Managers Limited is licensed by the National Pension Commission (PenCom), to carry on business as a Pension Fund Administrator (PFA). It has over N220 billion asset under management comprising, retirement savings accounts, retire accounts as well as privately managed pension funds for institutions. It has over 350,000 pension contributors which it services from 48 locations across the country. Source: Nation Online