FCMB Group Plc  has  completed the acquisition of an additional  60 percent equity stake in  Legacy Pension Managers Limited  (Legacy).  The acquisition, which increases the holding company’s interest  in  the company from 28.2 percent to 88.2 percent,  was  concluded  at  the Completion Board Meeting of Legacy  on yesterday in Abuja.

The acquisition which follows the approvals of the Central Bank of Nigeria, the National Pension Commission, and the Securities and Exchange Commission, according to the financial group, is set to  open a new vista of sustained growth for Legacy through the  enhanced distribution and market presence.

Analysts have hailed the decision of FCMB Group to acquire majority stake in Legacy Pension as a significant development that would enhance the future performance of  both  organizations.  They  anticipate that Legacy Pension will be better positioned to grow its market share, compete  effectively upon the onset of Retirement Savings Account portability, and also enter the micro-pensions segment in the informal market  by leveraging on  the network  of First City Monument Bank, the retail and  commercial banking arm of FCMB Group.

Legacy Pension Managers is licensed to carry on business as a Pension Fund Administrator (PFA). It has over N220 billion assets under management comprising, retirement savings accounts, retiree accounts as well as privately managed pension funds for institutions. It has over 350,000 pension contributors which it services from 48 locations across the country.