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Access BankAfricaAFRICA NEWSBanking, Finance & InvestmentNigeria

PenCom approves acquisition of Access Bank’s pension business by FBN

by Radarr Africa
written by Radarr Africa

The National Pension Commission (PenCom) says it has approved the acquisition of Access Pension Custodian Limited by First Pension Custodian Limited.

FBN Holdings Plc, has through its subsidiary First Pension Custodian Limited, agreed with Access Bank Plc to buy out the latter’s pension subsidiary Access Pension Fund Custodian in a deal involving 100 per cent ownership transfer.

In a notice on Monday, PenCom said Access Pension would transfer its assets to First Pension Custodian Limited which is a subsidiary of First Bank Holdings Plc. It said Access Bank is divesting from the pension business.

The commission said it is committed to the effective regulation and supervision of the pension industry. “The National pension commission (PenCom) wishes to inform the general public and relevant Stakeholders that PenCom has approved the acquisition of Access Pension Custodian Limited by First Pension Custodian Limited,” the notice reads.

“The acquisition is the culmination of the divestment process by Access Pension Custodian Limited from the pension custody business, transfer of all assets under its custody to First Pension Custodian Limited and the return of its operating license to PenCom.

“The Commission assures Stakeholders and the general public of its continued commitment to the effective regulation and supervision of the pension industry.”

SOURCE: Premium times

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BusinessEconomyINVESTMENTMarketsNigeria

Stocks ascend for second trading session turnover slides in Nigeria

by Radarr Africa
written by Radarr Africa

Nigerian stocks advanced for second trading session on Monday in continuation of a swift rally that began on Friday, pushing the benchmark index further north to 48,270.3 points.

The equity market of Africa’s largest economy is showing an unusual resilience this year, having survived four successive interest rate hikes this year alone and faced with muted cash-flow from overseas investors, a majority of them fearing Nigeria’s forex crisis could get their investment stuck.

Shares have returned 13 per cent so far this year, bucking those threats. Turnover contracted by almost as much as half although the size of Monday’s trade bettered Friday’s by 16 per cent. Oil palm processor Presco pivoted Monday’s trade backed by BUA cement and Guinness.

“We anticipate potential market gains to be moderated as investors book profits, switch asset classes, and turn their attention towards the fixed-income markets following the MPC’s recent 100bps MPR hike decision,” said analysts at United Capital in a note seen by PREMIUM TIMES.

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A positive market breadth was reported, showing 19 gainers against 16 laggards at the end of trade. The all-share index rose 115.6 points to 48,270.2 points, while market capitalization closed higher at N26.3 trillion.

TOP FIVE GAINERS

Guinness traded up by 10 per cent to close at N69.3. Eterna Oil went up 8.8 per cent to N6.44. Royal Exchange rose to N0.78, notching up 8.3 per cent in the process. Linkage Assurance added 7.5 per cent to end trade at N0.43. Presco completed the top 5, climbing by 6.6 per cent to N120.5.

TOP FIVE LOSERS

Geregu was the worst performing stock, declining by 9.9 per cent to close at N110.7. SCOA shed 9.4 per cent to close at N0.96. Thomas Wyatt fell to N0.40, losing 9.1 per cent. RT Briscoe slumped to N0.25, recording 7.4 per cent depreciation. Lasaco closed at N0.85, going down by 4.5 per cent.

TOP FIVE TRADES

In all, 645 million shares estimated at N4.2 billion were traded in 3,486 deals.

FBN Holdings traded the most shares with 83.4 million units of its common stock worth N921.7 million traded in 97 transactions. Zenith transacted 11.5 million shares priced at N258.5 million exchanged hands in 263 transactions. Transcorp had 10.5 million shares valued at N12.3 million traded in 52 deals. GTCO traded 8.3 million shares estimated at N176.6 million in 279 transactions. WAPCO traded 6.9 million shares valued at N150.1 million in 212 deals.

SOURCE: Premium times

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Banking, Finance & InvestmentBusinessEconomyNigeriaTechnology

Access Holdings seizing to accomplish it’s end of emerging Africa’s gateway to the world

by Radarr Africa
written by Radarr Africa

Nigeria’s biggest lender Access Holdings is seizing at every chance to accomplish its end of emerging Africa’s “gateway to the world,” having completed at least five bank acquisitions within Africa in less than two years with few more in the pipeline. And it now expects that taking dominance in the payments market across the continent, where its customers now number 60 million, will help pivot that push.

After scaling regulators hurdle, the corporation got a license this September to start a fintech arm christened Hydrogen payment services company limited, which will handle the group’s switching business and process payments among the broader plan to build a sustainable financial inclusion powerhouse.

Hydrogen is being positioned as a platform to drive virtually all of the digital transactions accruing to the group from across subsidiaries from banking to pensions as well as insurance, facilitating cash flow and aiding settlement.

“The idea is that wherever you are in the world, if you are making payment to anyone on the continent, one out of every three transactions that come into this continent will be settled on Access Bank’s platform,” CEO Herbert Wigwe told shareholders attending Access Holdings’ statutory meeting in Lagos on Tuesday.

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The fintech division “will allow us to be able to ensure that there are settlements even in countries where we don’t even have a physical presence,” he added.

To gain inroads into those markets, Access Corporation will work arm in arm with development finance institutions, and is looking to the African Continental Free Trade Area agreement to help accelerate it.

This year, the holding company sold its subsidiary Access Pension Custodian to FBN Holdings, choosing to take a chance at pension fund management instead, which it considers more profitable.

“We will be setting up a lending business that will address most young people… to make sure that we support greater financial inclusion, greater financial deepening and addressing the lifestyle of those people,” Wigwe said.

SOURCE: Premium times

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Access BankBanking, Finance & InvestmentWestern Africa

FBN Holdings buys out Access Bank’s pension business

by Radarr Africa
written by Radarr Africa

FBN Holdings Plc, through its subsidiary First Pension Custodian Limited, agreed with Access Bank Plc to buy out the latter’s pension subsidiary Access Pension Fund Custodian in a deal involving 100 per cent ownership transfer.

The acquisition will ease the path for First Pension Custodian to broaden its footprint in a sector where it has operated for 17 years in charge of safe-keeping of pension assets on behalf of contributors.

“The Central Bank of Nigeria and the National Pension Commission have given their “no objection” to the transaction, with completion subject to the receipt of all regulatory approvals,” FBN Holdings said on Wednesday in a regulatory filing announcing the deal.

FBN Holdings last involvement in deal-making was in June 2020 when it sold its insurance business, FBN Insurance Limited alongside its subsidiary FBN General Insurance Limited, to Cape Town-based Sanlam, Africa’s biggest underwriter.

Access Holdings which converted to a holding company this year declared the transaction in a separate note also issued on Wednesday.

The group, currently Nigeria’s biggest lender by assets, plans to leverage its holdco licence to diversify away from traditional banking into asset management, payments and insurance, and has stated an ambition to set up operation in six new markets particularly those offering the promise of stronger currency.

“What the holdco strategy allows us to do is to look at new markets and new opportunities that the traditional bank does not allow us to do,” Herbert Wigwe, the chief executive of the financial services group said in Lagos in March.

“My sense is that by 2027, you will see us getting close to one of the top-5 banks in the continent.”

Access Holdings is at the moment the 12th biggest lender on the continent with assets valued at N12.1 trillion as of the end of March.

Source: Premium Times

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