PenCom Approves Acquisition of Access Pension Custodian by First Pension Custodian

The National Pension Commission (PenCom) has granted approval for the acquisition of Access Pension Custodian Limited by First Pension Custodian Limited.

The Commission has allayed the fears about pension funds’ safety and assured stakeholders and the general public of its continued commitment to the effective regulation and supervision of the pension industry.

However, the acquisition is the culmination of the divestment process by Access Pension Custodian Limited from the pension custody business, transfer of all assets under its custody to First Pension Custodian Limited and the return of its operating license to PenCom.

A statement issued, on Monday, in Abuja by the management of PenCom read in part: “The National Pension Commission (PenCom) wishes to inform the general public and relevant Stakeholders that PenCom has approved the acquisition of Access Pension Custodian Limited by First Pension Custodian Limited.

“The acquisition is the culmination of the divestment process by Access Pension Custodian Limited from the pension custody business, transfer of all assets under its custody to First Pension Custodian Limited and the return of its operating license to PenCom.

“The Commission assures Stakeholders and the general public of its continued commitment to the effective regulation and supervision of the pension industry.”