fbpx
Edit Content

FCMB Pensions Sets To Acquire AIICO Pension Managers Ltd

FCMB Pensions

FCMB Pensions Ltd, a subsidiary of FCMB Group Plc, has commenced the proposed acquisition of AIICO Pension Managers Ltd.

AIICO Insurance Plc notified the Nigerian Stock Exchange that AIICO has entered into discussions with FCMB Pensions Limited, for the sale of 70% stake in its Pension Management subsidiary, AIICO Pensions Managers Limited.

The proposed sale is AIICO’s stake of 70% and other shareholders stakes of 26% thus bringing the cumulative sale of 96% stake to be purchased by FCMB Pensions.

Start Your Business in 30 Days Even If You Don't Have An Idea
Start Your Business in 30 Days Even If You Don’t Have An Idea

At the conclusion of the proposed sale, AIICO Pensions shall cease to be a subsidiary of AIICO Insurance Plc. The proposed transaction is subject to the approvals of the National Pension Commission and the Federal Competition and Consumer Protection Commission.

See Also: List of insurance companies in Nigeria.

In a statement to the Nigerian Stock Exchange FCMB Group said,  “FCMB Group Plc hereby notifies the Nigerian Stock Exchange (NSE) and the investing public that its pension management subsidiary, FCMB Pensions Limited has entered into discussions with shareholders of AIICO Pension Managers Limited (AIICO Pensions), to acquire the 70% stake held by AIICO Insurance Plc and 26% held by some other shareholders in AIICO Pensions. The proposed acquisition will make AIICO Pensions an indirect subsidiary of FCMB Group Plc,” FCMB Group said in its statement to the Nigerian Stock Exchange.

FCMB Group did, however, explain that the proposed transaction is still subject to regulatory approvals, particularly approvals from the Federal Competition and Consumer Protection Commission as well as the National Pension Commission.

Meeting The Capitalization Requirement

However, in a bid to meet the new recapitalisation requirement that was set by the National Insurance Commission, NAICOM, AIICO Insurance Plc has been raising capital through various means.

AIICO Insurance Plc has been trying to raise capital and one of their options was seeking the approval of the Nigerian Stock Exchange to list some 4.3 billion ordinary shares of N0.50 each.

Moreover, in Q1 2020, AIICO Insurance grew its gross premium by 22.5% to N17.6 billion from N14.3 billion in Q1 2020. Profit after tax also grew by 82.8% to N1.9 billion during the quarter under review.

Contact us to create visibility for your brand and put your business on the world map.

Share:

Facebook
Twitter
LinkedIn

Leave a Comment

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

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Join Entrepreneurs Family

No spam, only business insights and tips. 

Entrepreneurs Sign Up

Business Registration

Most Popular

Join Entrepreneurs Family

No spam, only business insights and tips. 

Entrepreneurs Sign Up

Related Posts

Important Business Skills

Top 5 Important Business Skills for Every Entrepreneur

Nigeria is experiencing a surge in entrepreneurial activities. More people are venturing into business, creating a vibrant and competitive environment. This growth is exciting but also challenging. Entrepreneurs face many obstacles, from financial constraints to market competition. To succeed, entrepreneurs need important business skills. See Also: How to transition from

Best Freelance Jobs

5 Best Freelance Jobs That Require Little Professional Skills

The rise of the freelance economy marks a significant shift in the global job market. Today, millions are tapping into the benefits of freelancing, drawn by its remarkable growth over recent years. This surge is fueled by a demand for flexible work arrangements and the broad availability of remote work

Choosing the right online store

8 Tips on Choosing the Right Platform for Your Online Store

Choosing the right e-commerce platform is crucial for anyone planning to launch an online store. The platform you choose not only powers your business operations but also shapes the shopping experience you offer to customers. This decision affects how smoothly your operations run, the quality of your customer interactions, and

Scroll to Top

Join Entrepreneurs Family!

Get access to FREE business insights and funding opportunities daily.

Entrepreneurs Sign Up