Odu’a Investment Acquires 10% Stake in FCMB Pensions
Odu’a Investment Company Limited (OICL) has successfully completed the acquisition of a 10% minority equity stake in FCMB Pensions, a subsidiary of FCMB Group Plc. This acquisition was finalized after receiving the required approvals from regulatory bodies, including the National Pension Commission (PenCom), Central Bank of Nigeria (CBN), and the Securities and Exchange Commission (SEC).
Victor Ayetoro, representing OICL, stated that this investment reflects OICL's strategy to partner with strong institutions in Nigeria's financial services sector. Otunba Bimbo Ashiru, the Group Chairman of OICL, emphasized that the investment underscores the critical role of the pension industry in mobilizing long-term savings and strengthening the financial system.
Abdulrahman Yinusa, the Group Managing Director of OICL, expressed confidence in FCMB Pensions' strategic leadership and long-term potential. FCMB Pensions is licensed to manage pension funds and has a significant asset management target of 1.1 trillion Naira by December 2025.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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