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FCMB group to acquire 96 percent stake in AIICO pensions

By obp001 • 2 weeks ago • 1427 views • 512 comments

FCMB Pensions Limited, the pension arm of FCMB Group, is set to acquire 96 per cent stake of AIICO Pensions Limited.

FCMB Group made this known in a communication to the Nigerian Stock Exchange.

The acquisition appears to be part of a deliberate strategy to grow the Group’s investment management portfolio and build on the inherent synergies between this and banking.

Recall that FCMB Group increased its stake in Legacy Pensions (now FCMB Pensions) to 91.6 per cent in 2019 and now has full control of the business.

According to a statement by the Group, FCMB Pensions has since grown its Assets Under Management (AUM) to N325 billion with 350,000 customers as at March 2020, while that of AIICO Pensions is estimated at N126 billion with over 240,000. A combined AUM of N451 billion and almost 600,000 customers will take the entire Group’s customer base to 8,000,000 and its total AUM (inclusive of all investment management activities) to over N560 billion.

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