The National Pension Commission (PENCOM) has approved Norrenberger’s acquisition of IEI-Anchor Pension. By this move, Norrenberger through its acquisition of IEI Insurance emerged the largest shareholder of the Pension Fund Administrator.
Norrenberger in a statement said it has obtained all necessary approvals from the Federal Competition and Consumer Protection Commission (FCCPC), the Securities and Exchange Commission (SEC), and the National Insurance Commission (NAICOM) for the acquisition.
Commenting on the acquisition, Group Managing Director/CEO of Norrenberger, Tony Edeh in the statement said, “Norrenberger has a proven track record of acquisition and integration with a clear growth strategy for the organization, which supports our acquisition of IEI.
“Thus, the acquisition of IEI, a company with a rich heritage and experience in pensions and insurance, will further strengthen our Group’s mission to unlock investment opportunities in our society for our clients.
“Norrenberger has a robust financial profile with a solid risk assessment framework, and we believe this acquisition will provide a wide range of benefits and opportunities to both companies’ staff, clients, and stakeholders.”
