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Entry Holdings Plc (which trades as Entry Company) has accomplished its acquisition of an oblique fairness stake in Sigma Pension.
A company disclosure seen by Nairametrics famous that following the acquisition, Entry Holdings has merged its FGPL with Sigma Pension.
The event adopted the sanction of the scheme of merger between Sigma and FGPL by the federal excessive courtroom on December 1st 2022. On this notice, FGPL has been dissolved with out winding up, leaving Sigma because the surviving entity.
The Prospect: Dr Herbert Wigwe, the Group Chief Government of the Entry Company, mentioned synergies between the entities could be used to create a formidable pension funds administration. He mentioned:
- “Following the profitable completion of the merger, our plan is to leverage the synergies of those entities in addition to the company’s expansive distribution community, sturdy danger administration tradition and best-in-class governance requirements to create a formidable pension funds administration enterprise.”
The backstory: The Nationwide Pension Fee (PENCOM) and the Federal Competitors and Shopper Safety Fee (FCCPC) accredited the proposed acquisition by First Assure Pension Restricted (FGPL) and First Ally Asset Administration Restricted of all the issued shares of Actis Golf Nigeria Restricted (AGNL), proprietor of Sigma Pension.
The holding firm intends to merge the operations of FGPL and Sigma to create Nigeria’s fourth-largest Pension Fund Administrator by asset below administration topic to receiving all related regulatory approvals.
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