The board of FCMB Group Plc, on Monday informed the Nigerian Stock Exchange (NSE) of plans to raise its holding in Legacy Pension Managers Limited to 88.2%.
This will mean an additional 60% stake, subject to the approval of the Central Bank of Nigeria (CBN) and the National Pension Commission (PenCom), primary regulators of the bank and pension industries respectively, as well as the Securities & Exchange Commission (SEC), primary regulator of the Nigerian capital market, the statement said.
It will also make Legacy, a pension fund administrator with over N220bn asset under management comprising retirement savings accounts, retirement accounts and privately managed pension funds for institutions from over 350,000 contributors served from 48 locations across the country, a subsidiary of FCMB Plc, the statement jointly signed by Kayode Adewuyi and Ladi Balogun, Chief Financial Officer and Group Chief Executive respectively, added.
FCMB promised to “notify the NSE once the relevant approvals for the transaction are received.”