FCMB Group moves to increase stake in Legacy Pension Managers

FCMB Group has notified Nigerian Stock Exchange (NSE) that it has entered into an agreement with other shareholders of Legacy Pension Managers Ltd. for acquisition of additional 60 per cent stake in Legacy.

Our correspondent reports that this was contained

In a notification letter by FCMB Group to the exchange pasted on NSE web site, it said that the proposed acquisition would increase FCMB’s interest in Legacy to 88.2 per cent, thus making Legacy a subsidiary of FCMB.

According to the notification, the proposed transaction is subject to the approval of the Central Bank of Nigeria (CBN), National Pension Commission and the Securities and Exchange Commission.

Our correspondent reports that FCMB Group is listed on the NSE with the ticker symbol (FCMB) and has 19,802,710,781 ordinary shares held by over 521,000 shareholders.

FCMB Group and its subsidiaries each function as separate and distinct operating companies with separate Boards of Directors and Executives.

It has approximately 3.7 million customers and 204 branches in Nigeria.

FCMB has a banking subsidiary in the United Kingdom through FCMB Bank (UK) Ltd (which is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA in the United Kingdom).