Home / Business / FCMB Group eyes 96% stake in AIICO Pensions

FCMB Group eyes 96% stake in AIICO Pensions

FCMB Group eyes 96% stake in AIICO Pensions

By Collins Nweze

FCMB Group has notified the Nigerian Inventory Trade that its pensions arm, FCMB Pensions Restricted, is to accumulate 96 per cent of AIICO Pensions Restricted.

FCMB Pensions has since grown its belongings underneath administration (AUM) to N325 billion with 350,000 clients as at March, this 12 months, whereas that of AIICO Pensions is estimated at N126 billion with over 240,000.

🎴Read Also▶️
Air Strikes Destroy Terrorists Stronghold at Parisu in Sambisa

A mixed AUM of N451 billion and virtually 600,000 clients will take your entire Group’s buyer base to eight,000,000 and its whole AUM (inclusive of funding administration) to over N560 billion.

As well as, the enlarged pension enterprise will profit from FCMB’s in depth distribution platform, comprising 205 branches, a powerful internet and cellular presence; and the recen launch of its Pensions’ on-line enrollment platform.

Analysts have expressed constructive views of its affect for FCMB Pensions and FCMB Group. One funding banking analyst described it as, “a constructive transfer and an announcement of intent from FCMB’s administration to leverage its non-banking companies to drive profitability”.

🎴Read Also▶️
Sex party organizers arrested in Bauchi

One other described this as a “landmark transaction giving a mid-tier participant a terrific alternative to bulk up”.

He added: “We consider the mixed entity might be higher positioned for stronger natural AUM progress and charge earnings contribution to the Group’s efficiency.”

FCMB Pensions Chairman, Ladi Balogun, stated: “The enterprise intends to make use of its scale to constructive impact in direction of investing within the progress of the economic system, whereas guaranteeing security and probably the most aggressive returns for its clients.”

🎴Read Also▶️
Docs warn in opposition to reopening faculties

Final 12 months, FCMB Group elevated its stake in Legacy Pensions (now FCMB Pensions) to 91.6 per cent.

FCMB Group eyes 96% stake in AIICO Pensions

About Hotgist

Check Also

Buhari hosts Sultan of Sokoto says his govt wont tolerate - Buhari hosts Sultan of Sokoto, says his govt won't tolerate ethnic, religious prejudice

Buhari hosts Sultan of Sokoto, says his govt won’t tolerate ethnic, religious prejudice

President Muhammadu Buhari on Thursday warned that stoking ethnic and non secular prejudices won’t augur …

Leave a Reply

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