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.”
Uduanu said, “The investment thesis behind this landmark transaction is to achieve a merger of Sigma Pensions and First Guarantee Pensions to create the 4th largest PFA in Nigeria.
“The strategy builds on Access Corporations vision of creating a globally connected community and ecosystem inspired by Africa for the world. Our objectives are very clear and crisp – to emerge as the second biggest PFA in Nigeria and within five to seven years to become the biggest PFA in Nigeria.
“This objective will be achieved through a combination of organic growth using the huge platform Access Corporation offers, inorganic growth through bolt-on acquisitions and focusing on the untapped markets in the industry. The Company will also follow the footprint of its parent, Access Corporation into the rest of the continent.”
