EXCLUSIVE: Access Holdings acquired ARM Pensions for ₦152 billion in 2024

Access Holdings Plc, which owns Nigeria’s largest lender by assets, Access Bank, finalised its acquisition of ARM Pension Managers for a total cash consideration of ₦152 billion ($96.4 million). This strategic deal, completed in May 2024, positions the newly formed Access ARM Pensions Ltd. to challenge Stanbic IBTC Pension Managers for market leadership.

Access Golf Limited, a special purpose vehicle of Access Holdings, acquired an 81.82% stake in ARM Pensions, with the cash consideration used to pay off former ARM Pensions shareholders, according to company financial statements seen by Condia. The merger, reportedly consolidated in October 2024, marks a significant step in Access Holdings’ ambition to dominate Nigeria’s $34.9 billion pension fund industry.

This acquisition follows Access HoldCo’s purchases of Sigma Pension and First Guarantee Pension last year, which were subsequently merged into Access Pension. The consolidation of ARM Pensions, which held ₦1.053 trillion in Assets Under Management (AUM) before the deal, with Access Pension is set to create a formidable competitor.

Stanbic IBTC Pension Managers, the current market leader, reported over ₦4 trillion in AUM and more than 2 million Retirement Savings Accounts (RSAs), according to recent data from the National Pension Commission (PenCom) and company disclosures.

Access ARM Pensions is already showing signs of a strengthened position. The entity reported a profit of ₦15 billion ($9.52 million) for the year ended 2024, with operating income reaching ₦28 billion ($18.1 million) and asset growth of ₦94 billion ($59 million) in the same period.

In the first quarter of 2025, Access ARM Pensions posted profits of ₦6 billion ($4 million) and an operating income of ₦10 billion ($6.4 million). By comparison, Stanbic IBTC Pension Managers recorded Q1 2025 profits of ₦8.72 billion ($5.5 million) and total income of ₦21 billion ($13 million).

Dave Uduanu, Managing Director/Chief Executive Officer of Access ARM Pensions, disclosed at a recent Annual General Meeting that the subsidiary’s AUM now stands at ₦3.5 trillion. “We expect significant growth this year, and the numbers you will see in 2025 will reflect the full benefits of a complete year of post-integration performance,” Uduanu said.

As part of its five-year growth plan, Access ARM Pensions intends to target Nigeria’s informal sector and enhance its technology and digital offerings, aiming to close the gap on the industry leader further.