Access Arm Pensions Ltd, the result of a merger between Access Pensions and ARM Pension Managers LTd is positioning to become a leading Pension Fund Administrator (PFA) in Nigeria.
The merger has elevated the emerging business to the position of Nigeria’s second-largest pensions fund manager with combined Assets Under Management (AUM) of about N3 trillion and over 2 million Retirement Savings Account (RSA) holders.
The aspiration to lead the PFA industry was echoed by both Dave Uduanu, Managing Director/Chief Executive Officer, Access Arm Pensions and the Acting Chairman, Austin Opara at the unveiling of the new company Thursday in Abuja.
Uduanu said that the merger represents a strategic alignment of strengths, expertise, and resources, allowing the new entity to leverage synergies and create greater efficiencies in operations.
By combining the complementary capabilities of both organizations, Access ARM Pensions Limited aims to set new standards for excellence in the pension fund management industry, he added.
“For us, it’s a historic moment, and an opportunity for a new beginning. Our key strengths include our staff, who are some of the best in the industry, highly motivated young workforce coming from both entities.
“We have technology and digital channels with which we reach our consumers. But more importantly, we are part of the access holding ecosystem,” Uduanu told BusinessDay at the event.
“We are able to innovate, digitalise, serve the formal sector, and support the economic journey of the country by investing in transmissive projects, housing infrastructure, SMEs and growing businesses,” said Uduanu who until the merger, was the CEO, Access Pensions.
While further emphasizing the strength of the newly formed organization with the successful acquisition of ARM Pension Managers by Access Corporation, he noted that the journey will shape a future that aligns with a common vision and benefits for both their teams and valued customers.
“To kick off, Access ARM Pension is strongly capitalized, boasting total shareholders’ funds exceeding N20 billion, which is way above the minimum regulatory requirement.
“Over the past 19 years, the legacy companies have thrived through unwavering determination, growing sustainably, and earning the loyalty of our valued customers who till this day, have trusted us with their business.”
In his remarks, Opara, the acting chairman, stated that the completion of this merger underscores the commitment of Access Corporation – the parent company, to driving innovation, growth, and sustainability in Nigeria’s financial sector.
“We have just unveiled two strong entities that have become one, you can simply imagine what will happen in industry and a new entity that controls such huge assets.
“The commitment we make today and the challenge to our management and staff is that we want to be the number one in this industry.”
While he reiterated a strong reward culture for staff, he assured the customers of prompt payments and close contact with them, and also promised the shareholders of growth of their assets.
Bolaji Agbede, Group Chief Executive of Access Corporation, highlighted the significance of the merger in aligning with the company’s corporate strategy.
“In line with our vision of creating a globally connected community and ecosystem, we want to start building first from Nigeria and then beyond. That is why we will work closely with our regulators to build this industry for a sustainable future for our community.
“The acquisition and the subsequent merger of both businesses sets the stage for an exciting future that we can all collectively take pride in as a nation,” Agbede remarked.
He further outlined plans to collaborate with regulators, partners, and the parent company to leverage technology for expanding pension coverage into the vast informal sector through a well-crafted onboarding strategy for micro-pensions.
Wale Odutola, former Managing Director of ARM Pension Managers Limited, said it was trilling to join forces with Access Pensions to create a stronger, more resilient organization.
“Together, we will leverage our combined resources to drive innovation and excellence in pension fund management.”
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