The National Pension Commission (PenCom) has announced the approval of the acquisition of Access Pension Custodian Limited by First Pension Custodian Limited.
The acquisition is the culmination of the divestment process by Access Pension Custodian Limited from the pension custody business, the pension watchdog said in a statement that was issued by its management yesterday.
The formal acquisition of the firm will see to the transfer of all assets under its custody to First Pension Custodian Limited and the return of its operating license to PenCom.
PenCom assured of strict regulation of the pension sector to guide against abuse by the administrators. “The commission assures stakeholders and the general public of its continued commitment to the effective regulation and supervision of the pension industry,” the organization said in the statement.
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