By Ayomide Otitoju
Access ARM Pensions Limited has officially commenced operations with N3 trillion in Assets Under Management (AUM), following the merger of Access Pensions Limited and ARM Pension Managers Limited. The announcement was made on Thursday, with the newly formed entity aiming to expand pension coverage across Nigeria, particularly within the vast informal sector.
The merger, recently approved by the National Pension Commission, has positioned Access ARM Pensions to manage 15% of the total assets in Nigeria’s pension industry, catering to over two million Retirement Savings Account holders.
During the launch event in Abuja, Dave Uduanu, Managing Director of Access Pensions Limited, hailed the merger as a significant milestone in the pension industry. “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 stated.
He further emphasized the company’s commitment to innovation, particularly in serving the informal sector. “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,” he added.
With total shareholders’ funds exceeding N20 billion, Access ARM Pensions significantly surpasses regulatory requirements. Uduanu noted the evolution of the pension industry since the implementation of the Contributory Pension Scheme, highlighting average annual growth rates of 15-20%.
Austin Opara, acting Chairman of Access ARM Pensions Limited, reaffirmed the board’s dedication to the brand’s success. “We are committed 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 remarked.
Reflecting on the merger, former Managing Director of ARM Pension Managers Limited, Wale Odutola, expressed optimism about the new entity’s potential. “Together, we will leverage our combined resources to drive innovation and excellence in pension fund management,” he stated.
