Business

Access Bank acquires First Guarantee Pension Funds Administrator

One of the country’s leading financial institutions, Access Bank Plc, has acquired 75 percent stakes in First Guarantee Pension Funds Administrator (PFA) in a deal concluded last week in Abuja and subject to all regulatory approvals.

The Trumpet learnt that the Access Bank’s acquisition of 75 per cent shares followed a rigorous process and discussions at the board of the two organizations, just as most shareholders of the First Guarantee PFA were warming up to go into politics as the 2023 elections draw nearer.

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An insider to one of the parties to the acquisition revealed that the Access Bank acquired the PFA to boost its dominance in the country’s financial sector, adding that the bank identified the PFA firm as a viable concern to enable it to dominate in the PFAs sector.

Checks, however, showed that most employees of the First Guarantee PFA were apprehensive of what their fate would be when Access Bank fully takes over the running of the firm.

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