Access ARM Pensions Limited has commenced its operations with N3tn in Assets Under Management.
In a statement on Thursday, Access ARM Pensions stated that the newly formed entity, a merger of Access Pensions Limited and ARM Pension Managers Limited, aimed to enhance pension coverage across Nigeria, particularly targeting the vast informal sector.
The National Pension Commission recently approved the merger of Access Pensions Ltd and ARM Pension Managers Ltd. It noted that, as a result, Access ARM Pensions now represented 15 per cent of the total assets in Nigeria’s pension industry, serving over two million Retirement Savings Account holders.
Speaking at the launch event in Abuja, the Managing Director of Access Pensions Limited, Dave Uduanu, highlighted the potential of the new entity, stating, “This is the biggest merger in the pension industry. Access and ARM were number two and four in the industry, and coming together allows us to create a PFA with N3tn in AUM. It is an opportunity to build a brand that we can all be proud of.”
Uduanu further emphasised the company’s commitment to innovation and the informal sector, adding, “We plan to leverage technology to expand pension coverage. Our onboarding strategy for micro-pensions will be instrumental in reaching Nigerians who are currently underserved in terms of retirement savings.”
The newly merged entity has total shareholders’ funds exceeding N20bn, well above the regulatory requirements.
Uduanu noted the evolution of the pension industry since the introduction of the Contributory Pension Scheme, stating, “The industry has experienced tremendous growth with average annual increases of 15-20 per cent.”
The acting Chairman of Access ARM Pensions Limited, Austin Opara, reaffirmed the board’s commitment to the brand’s success.
“We are dedicated to making Access ARM Pensions a strong and reliable entity. For those who are not yet satisfied, we will work to earn your trust,” he said.
Reflecting on the merger, former Managing Director of ARM Pension Managers Limited, Wale Odutola, expressed confidence in the new entity’s potential.
“Together, we will leverage our combined resources to drive innovation and excellence in pension fund management,” he remarked.