Nigerian Lender FCMB Raises Stake in Legacy Pension Managers

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Nigerian lender FCMB Plc has announced the acquisition of a 60 percent stake in Legacy Pension Managers. The proposed acquisition will increase FCMB’s stake in the company to 88.2 percent, making Legacy Pension Managers a subsidiary of the bank.

The acquisition is subject to the approval of the National Pension Commission, Securities and Exchange Commission (SEC), and the Nigerian Stock Exchange.

Legacy Pension Managers Limited is a private limited liability company incorporated on 7th of April 2005. Legacy Pension is a wholly owned Nigerian PFA with First City Monument Bank (FCMB) being the major shareholder amongst 18 investors.

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