The Central Bank of Nigeria (CBN) has approved the acquisition of Access Pension Fund Custodian Limited by First Pension Custodian Nigeria Limited (First Pension).

First Pension Custodian Nigeria Limited, a wholly-owned subsidiary of First Bank of Nigeria Holdings (FBN Holdings) acquired 100% stake of First Pension from Access Bank, owned by Access Holdings.

In a statement released by FBN Holdings on Wednesday to investors and the Nigerian Exchange Limited (NGX), the company said the central bank had a “no objection” to the acquisition deal.

It was also disclosed that the National Pension Commission (PenCom) and the Federal Competition and Consumer Protection Commission (FCCPC) had given approval to the acquisition as well.

“The transaction has the “no objection” of the Central Bahk of Nigeria as well as the approvals of the National Pension Commission and the Federal Competition and Consumer Protection Commission”, the statement reads.