The acquisition of Sigma Pensions by entities controlled by Access Corporation (the parent company of Access Bank) will position it as the fourth largest Pension Fund Administrator in Nigeria after its proposed merger with First Guarantee Pensions with its target set on attaining market dominance in the near-term.
A statement titled ‘Sigma Pensions target market dominance with Access Corporation acquisition’ said on Sunday.
The Managing Director and Chief Executive Officer, Sigma Pensions, Mr Dave Uduanu, said the sale of Actis Golf Nigeria Ltd, the parent company of Sigma Pensions, was based on the firm’s original strategic intent to invest in Sigma Pensions, work with management to achieve a significant transformation and exit after a five to six year holding period.
It stated that, “ActisGolf is a special purpose vehicle set up by ACTIS Private Equity UK in 2015 to pursue a buy and build strategy within the pension fund industry in Nigeria and the wider African market. Access Corporation intends to continue with the original strategy of Actis Golf as developed by Actis Private Equity.”
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