Access Holdings gets approval to buy insurance firm
Access Holdings Plc has acquired an insurance brokerage company, Megatech Insurance Brokers Ltd.
According to a statement filed with the Nigerian Exchange Limited on Monday, the lender has received the regulatory approvals for the acquisition of the firm licensed and regulated by the National Insurance Commission.
The statement signed by the Company Secretary, Sunday Ekwochi, said, “The acquisition of the Company complements Access Holdings’ bouquet of product offerings in pursuit of its vision of building a globally connected community of ecosystems inspired by Africa for the world. In this regard, Megatech will strive to create a world where risk is efficiently managed so that we can confidently seek and seize growth opportunities.”
Commenting on the acquisition, Group Chief Executive Officer, Access Holdings, Dr. Herbert Wigwe, said, “This acquisition is a natural step in our evolution as a globally connected community and ecosystem and aligns with our mission to build and sustain one global platform, open for anyone to join where people can be connected to exceptional opportunities. The Company will design and provide intelligent solutions that mitigate the unique risks faced by individuals and businesses in an ever-changing world using leading risk management tools and governance standards.’’
According to the nine-month report of the group, Access Holdings has five reportable segments, which are the Group’s strategic business units. However, based on the market segment and extent of customer turnover, the group reformed the arrangement of segments from previous years into operational segments including corporate and investment banking, commercial banking, retail banking, Access Pensions Management; a Pension Fund Administrator and Hydrogen Payment Services Company Limited, a FinTech company which provides payment solutions to businesses in Nigeria.
Last week, Access Holdings joined the list of companies worth N1tn on the Nigerian Exchange Limited. As of Monday, its market capitalisation stood at N1.016tn with its stocks priced at N28.60 per unit.
This followed sustained buy pressure on banking sector stocks as investors positioned ahead of the next dividend-paying season.
