Pencom Approves Acquisition Of Pension Operators By GTCO, FCMB

Financial sector, Guaranty Trust Holding Company Limited has been approved to acquire Investment One Pension Managers Limited.

The development was announced in a statement dated Wednesday, March 2 which was released by the National Pension Commission, Naija News reports.

The Commission said it also approved the subsequent change of name from Investment One Pension Managers Limited to Guaranty Trust Pension Managers Limited.

PenCom also gave approval for the acquisition of AIICO Pension Managers Limited by FCMB Pensions Limited; and the merger between Tangerine Pensions Limited and APT Pension Funds Managers Limited.

The statement released on social media, Facebook handle precisely, revealed also that Pencom has consented to the subsequent change of name of the merged entity to Tangerine APT Pensions Limited.

The statement reads, “This is to inform all stakeholders and the general public that the National Pension Commission (PenCom) has approved the following Mergers and Acquisitions;

“The Acquisition of Investment One Pension Managers Limited by Guaranty Trust Holding Company Limited and subsequent change of name from Investment One Pension Managers Limited to Guaranty Trust Pension Managers Limited.

“The Acquisition of AIICO Pension Managers Limited by FCMB Pensions Limited; and the Merger between Tangerine Pensions Limited and APT Pension Funds Managers Limited and subsequent change of name of the merged entity to Tangerine APT Pensions Limited.”

Meanwhile, the House of Representatives has rejected the proposal to grant constitutional life pension to the Senate President, Speaker of the House of Representatives and their deputies.

Naija News reports that 162 lawmakers had voted to knock out the proposal, 28 members voted to grant them life pension while three lawmakers stayed away from the voting exercise.

After the voting exercise, a total of 193 votes by the members of the House of Representatives were recorded.

In a related development, the National Assembly has passed a bill for an Act mandating the President and Governors to submit nominees for Ministers and Commissioners within 30 days of swearing-in.