In two separate notifications, the boards of FCMB Group Plc, on Thursday notified investors through the Nigerian Stock Exchange (NSE) that FCMB Pensions Limited (FCMB Pensions), its pension management subsidiary, is in talks to acquire a majority stake in AIICO Pension Managers Limited.
AIICO Pension is 70% owned by AIICO Insurance Plc, while another 26% is held by some other shareholders, bringing to 96%, the cumulative stake to be purchased by FCMB Pensions.
The proposed acquisition, according to the notifications by Kayode Adewuyi and Ladi Balogun, Chief Financial Officer and Group Chief Executive respectively of FCMB Group Plc and Donald Kanu, Company Secretary of AIICO Insurance, “will make AIICO Pensions an indirect subsidiary of FCMB Group Plc.”
At the conclusion of the proposed sale, AIICO Pensions shall stop being a subsidiary of
AIICO Insurance Plc.
The proposed transaction, the statement noted, is however subject to the approvals of the National Pension Commission and the Federal Competition and Consumer Protection Commission.