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.

Read Also: Oyo police declare man wanted for assaulting pregnant wife

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.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
A note to our visitors

This website has updated its privacy policy in compliance with changes to European Union data protection law, for all members globally. We’ve also updated our Privacy Policy to give you more information about your rights and responsibilities with respect to your privacy and personal information. Please read this to review the updates about which cookies we use and what information we collect on our site. By continuing to use this site, you are agreeing to our updated privacy policy.