To strengthen its foothold in the pension subsector, FCMB Pensions Limited, a subsidiary FCMB Group is wrapping plans to acquire 96 per cent in AIICO Pension Managers Limited.

In a release signed by Kayode Adewuyi, Chief Financial Officer, FCMB Group and Ladi Balogun, its Group Chief Executive, which was sent to the Nigerian Stock Exchange on Thursday, the Group told investors that it has entered into discussions with shareholders of AIICO Pension Managers Limited, to acquire the 70 per cent stake held by AIICO Insurance Plc and 26 per cent held by some other shareholders in AIICO Pensions.

β€œThe proposed transaction is subject to the approvals of the National Pension Commission and the Federal Competition and Consumer Protection Commission. We shall notify the NSE and the investing public once the relevant approvals for the transaction are received,” it stated.