FCMB Group to Acquire 96 Percent of AIICO Pensions

FCMB Group to Acquire 96 Percent of AIICO Pensions

FCMB Group  and AIICO Insurance have notified the Nigerian Stock Exchange (NSE) and the investing public of discussions for sale of 96% stake of AIICO Pensions Managers to FCMB Pensions.

This is disclosed in separate statements by the Group and AIICO Insurance on Friday posted on the Exchange website.

In a statement signed by Kayode Adewuyi, Chief Financial Officer and Ladi Balogun, its Group Chief Executive Officer, said the proposed acquisition would make AIICO Pensions an indirect subsidiary of FCMB Group.

It was gathered that both organisations had entered into discussions with shareholders of AIICO Pension Managers to acquire the 70% stake held by AIICO Insurance and 26% by some other shareholders in AIICO Pensions.

According to the statement, the proposed transaction is subject to the approvals of the National Pension Commission and the Federal Competition and Consumer Protection Commission.

“We shall notify the NSE and the investing public once the relevant approvals for the transaction are received,” it said.

In the same vein, AIICO, in a statement signed by the Company Secretary, Donald Kanu, said at the conclusion of the proposed sale, AIICO Pensions shall cease to be a subsidiary of AIICO Insurance Plc.

“The proposed sale is AIICO’s stake of 70% and other shareholders stakes of 26 per cent thus bringing the cumulative sale of 96% stake to be purchased by FCMB Pensions,” Kanu said.

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He said that the company would notify NSE once the relevant approvals for the transaction were received.