FCMB Group Takes Over AIICO Pensions

FCMB Group Takea Over AIICO Pensions

By Sahabi Abdul

AIICO Pensions Ltd. is now a subsidiary of the FCMB Group after it completed the purchase of a 33.9 percent stake, according to filings at the stock exchange.

The pension funds administrator that was formerly a unit of AIICO Insurance Plc, will now continue operations as FCMB Pensions Limited.

In addition to the stake bought from AIICO, an additional 26.1 percent was acquired from other investors to give FCMB the majority ownership of 60 percent.

The transaction has been approved by the pension regulator, the National Pension Commission, according to the statement signed by AIICO company secretary Donald Kanu.