PenCom Okays Acquisition, Mergers Of PFAs

The National Pension Commission (PenCom) says it has approved the acquisition of Investment One Pension Managers Limited by Guaranty Trust Holding Company Limited (GTCO).

The Commission made this known on its official Facebook page, stating that it has also approved the subsequent change of name from Investment One Pension Managers Limited to Guaranty Trust Pension Managers Limited.

It is understood that Guaranty Trust Holding Company plc (GTCO) completed the acquisition of 100 per cent shareholding in two subsidiaries of Investment One.

The subsidiaries are Pension Managers and Investment One Funds Management.

Investment One Financial Services Limited was incorporated in 2008 as GTB Asset Management, a wholly-owned subsidiary of Guaranty Trust Bank Plc.

Pencom also said the acquisition of AIICO Pension Managers Limited by FCMB Pensions Limited was approved.

In 2021, FCMB Group had acquired a 60 per cent stake in AIICO Pensions Managers.

Meanwhile, the commission said it approved 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.

Green Africa Airline has disclosed a new investment contract with Leadway Assurance Company Limited that plans have reached an advanced stage to increase its fleet size and scale operations in the region.

Oyindamola Fashogbon, Brand Marketing Specialist, Green Africa in a statement, said that since the airline commenced scheduled flight services in August last year, it has connected over 150,000 customers across eight airport stations in Nigeria while also delivering on the promise of offering the best air travel fares in the market.

The statement hinted that this has placed the new carrier among the top three airlines in the country within the short period of the commencement of operations.

The statement quoted Babawande Afolabi, the Founder, of Green Africa as expressing delight at the new deal with the Leadway Assurance Company, which he described as significant.

“This is especially significant considering the general track record of the aviation industry as a destination for local professional private capital in the country. We look forward to working with Leadway, not only to build Green Africa but also to positively change the industry narrative for every stakeholder,” he said.

Tunde Hassan-Odukale, Managing Director, Leadway Assurance, according to independent the source said while commenting on the investment, said it was refreshing to see Green Africa gradually stabilising and building a strong operational track record since entering service about six months ago.

He said the company looked forward to supporting the new carrier as it enters the next phase in its journey of changing the air travel landscape in the region.