Access Holdings Plc, on Monday said First Guaranty Pension Limited is now one of its subsidiaries, after it secured full regulatory approval to acquire majority equity stake in the company.

FGPL, the group said, will provide a strong springboard for execution of its execution of its ecosystem strategy for the pension funds administration industry.

The transaction, the statement by Sunday Ekwochi, the company secretary, quoted Herbert Wigwe, Group Chief Executive Officer of Access Corporation, as saying, “is in line with our vision to create a globally connected community and ecosystem, inspired by Africa for the World.

“We will deploy our renowned culture of strong risk management, innovative technology and best practice corporate governance to deliver high standards of management and reeturns on pension assets to the benefit of our stakeholders,” Wigwe said in the statement pasted on the platform of the Nigerian Exchange Limited.

Recall that hours after announcing the divestment of its 100% stake in Access Pension Custodian Limited, Access Holdings Plc, said it had entered into a definitive agreement with First Guarantee Pension Limited.

Access Corporation had sold its shares in Access Custodian to First Pension Custodian Limited at a yet to be disclosed amount, while receiving approvals by way of “no objection” to the transaction from the National Pension Commission (Pencom) and the Central Bank of Nigeria (CBN)

In a notice on the Nigerian Exchange Limited portal, Access Holdings said the latest transaction is in line with its evolution from a narrow banking business into a financial services holding company positioned to gain relevant scale across Africa, global monetary centres, and beyond banking verticals.”