E-Financial
Access Holdings Gets Regulatory Approval to Acquire Majority Stake in ARM Pensions

Access Holdings Plc has disclosed that Access Golf Nigeria Limited, a majority shareholder of Access Pensions Limited and a subsidiary of Access Holdings, has received the necessary regulatory clearances for its proposed acquisition of a majority equity stake in ARM Pensions Managers (PFA) Limited (ARM).
According to the statement, the National Pension Commission and the Federal Competition and Consumer Protection Commission have both granted their ‘no-objection’ and approval, respectively, for the transaction.
Subject to the receipt of relevant regulatory approvals, it is intended that following the acquisition, the operations of ARM and Access Pensions will be merged to create Nigeria’s second largest Pension Fund Administrator (PFA) by Assets Under Management.
Commenting on this transaction, Dr. Herbert Wigwe, the Group Chief Executive, of Access Holdings, said: “We are pleased to have reached this transformative milestone in our pension fund administration journey.
“The proposed combination of ARM Pension with Access Pensions will not only create sustainable stakeholder value but will also contribute positively to the growth and development of the pension industry. We anticipate an exciting future for the combined entity.”
Speaking on the transaction, the Group CEO of ARM Holding Company Limited Jumoke Ogundare, said: “The market in which we operate is ripe for consolidation and I am confident that the proposed combination will create a formidable pension funds administration business leveraging Access Group’s expansive distribution network and innovation culture to deliver sustainable value to stakeholders.”
The statement from the group noted that the completion of this transaction is contingent upon obtaining all requisite regulatory approvals. Access Holdings remains committed to keeping the market informed in line with its disclosure obligations.
It would be recalled that Access Holdings announced that its flagship subsidiary, Access Bank PLC (Access Bank) has entered into a definitive agreement with the Ugandan-based Finance Trust Bank (FTB) and its selling institutional shareholders for the acquisition of a majority equity stake in FTB.
This was contained in a notice to the Nigerian Exchange Limited, the investment public, and made available to the media.
The deal will also see Access Bank concurrently acquiring the shares currently held by FTB’s Institutional Shareholders who have sought to exit to a strategic, long-term shareholder.
According to a statement from the Group. the transaction is subject to regulatory approvals by the Central Bank of Nigeria and Bank of Uganda and is expected to close in the first half of 2024, following the fulfillment of customary conditions precedent. Following the anticipated closing of the transaction, Access Bank would own an estimated 80% shareholding in FTB.
It noted that coming at a time when commercial banks in Uganda are looking to increase their capital, this strategic acquisition presents an opportunity for Access Bank to partner with FTB and its stakeholders to create more significant opportunities for financial inclusion, product diversification, and, ultimately, greater customer-centricity.
Access Bank’s presence in over 20 countries globally presents a robust platform that FTB’s customers can leverage to boost trade opportunities with the rest of the world.
E-Financial
Secret Service Seizes $400M in Crypto, Cold Wallet among World’s Largest

US Secret Service has quietly seized nearly $400 million in digital assets over the past decade, amassing one of the world’s largest crypto cold wallets, Bloomberg reported at the weekend, citing people familiar with the matter.
The agency’s Global Investigative Operations Center (GIOC) has tracked funds through open-source tools, blockchain analysis, and patience, Jamie Lam, an investigative analyst with the US Secret Service, reportedly told law enforcement officials in Bermuda last month.
The agency’s crypto trove, much of which sits in a single cold-storage wallet, results from a string of investigations into scams. Scammers lure targets into seemingly legitimate crypto investment platforms in one typical scheme.
Victims often see initial profits before the sites vanish with their deposits.
“That’s how they do it,” Lam said. “They’ll send you a photo of a really good-looking guy or girl. But it’s probably some old guy in Russia.”
Lam’s team uses domain records, blockchain transactions, and VPN slip-ups to identify fraudsters. In one case, a cryptocurrency payment led investigators to another wallet. In another one, a brief VPN failure exposed an IP address, helping agents piece together the scam’s digital trail.
At the helm of the Secret Service’s crypto strategy is Kali Smith, who directs a team that has trained officials in over 60 countries to unmask online financial crimes.
The agency has focused on jurisdictions with weak oversight or programs selling residency to foreign nationals. “Sometimes after just a week-long training, they can be like, ‘Wow, we didn’t even realize that this is occurring in our country,’” Smith said.
The Secret Service’s work has uncovered scams ranging from romance-investment schemes to sextortion cases. One investigation involved an Idaho teenager who sent a nude photo to an online stranger. The scammer extorted $300 twice before the teen went to the police.
Analysts traced the payments through another coerced teenager acting as a money mule, leading to an account tied to nearly $4.1 million in transactions under a Nigerian passport.
British police arrested the suspected extortionist when he arrived in Guildford, England, where he remains in custody pending extradition.
E-Financial
Ascensia Finance Commences Operations in Abuja

Ascensia Finance Company has officially commenced operations to provide financial intermediation services in Abuja.
Licensed by the Central Bank of Nigeria (CBN) in April, the financial institution aims to support individuals and small businesses through customised financial solutions delivered via efficient and accessible channels.
It offers a broad range of services, including loans, investment products, and financial advisory services tailored to meet the evolving needs of its customers.
In a statement, Mr. Jude Ezeami, Managing Director/Chief Executive, Ascensia, stated that proud member of the Finance House Association of Nigeria (FHAN), and in partnership with the Nigeria Interbank Settlement System Plc (NIBSS) and Remita, the company is leveraging strong institutional relationships and digital infrastructure to offer reliable financial services.
He said, “At Ascensia, we are committed to the growth of our clients by delivering inclusive, customer-centric financial services that empower individuals and small businesses to thrive.
“Our suite of products is designed to address the financing needs of Nigerians — whether through accessible personal loans, business financing, or innovative investment solutions.”
He said with the company’s strong foundation, experienced leadership, and a deep understanding of the local market, Ascensia remained poised to become a key player in Nigeria’s financial services industry.
The company is driven by a team of seasoned professionals with extensive experience in Nigeria’s resilient financial services sector.
Anchored on the core values of Trust, Resilience, Integrity, Creativity, and Empathy (TRICE), the company introduced a suite of innovative financial products.
These include personal loans of up to N5 million for self-employed professionals, with a repayment tenor of up to 12 months.
The company also provides SME loans of up to N10 million, specifically designed to support shop owners and small business operators engaged in trade of fast-moving consumer goods, with financing available for inventory and working capital needs.
The Ascensia PayEasy, a “Buy Now, Pay Later” solution, enables individuals and companies to acquire consumer goods or assets with a minimum 30 per cent deposit, and repay the balance over a six-month period.
For salaried employees in both the public and private sectors, the company offers PayDay Loans of up to ₦5 million, repayable over 12 months.
Through its Contract Finance offering, Ascensia supports vendors, suppliers, and contractors working with credible companies, NGOs, and public-sector agencies.
The product facilitates timely order fulfilment and improves liquidity by providing early access to funds through invoice discounting on confirmed invoices from approved counterparties.
The company also offers group loans for traders, artisans, farmers, and producers of fast-moving goods.
These loans are structured around group-based cross-guarantees, making financing accessible to individuals with strong cash flows but limited collateral. Eligible borrowers can access up to N3 million, repayable within 180 days.
E-Financial
Union Bank Champions Civil Service Reform at International Conference

Union Bank, one of Nigeria’s most enduring financial institutions, made a resounding statement of support for governance reform by partnering with the first-ever International Civil Service Conference, held on June 25–26, 2025, at Eagle Square Arena, Abuja.
With the theme “Rejuvenate, Innovate & Accelerate,” the conference brought together civil servants, development partners, and senior government officials—including President Bola Ahmed Tinubu—to strategize on the digital transformation and renewal of Nigeria’s public service.
Hosted by the Office of the Head of Civil Service of the Federation in collaboration with the Global Government Forum UK, the event focused on modernizing governance through inclusive leadership, adaptive institutions, and seamless service delivery—values that resonate with Union Bank’s digital-first approach.
Speaking at the event, Mannir Ringim, Executive Director for North and Public Sector, emphasized the Bank’s dedication to national development:
“At Union Bank, we believe in the transformative power of public-private partnerships. Our support for this landmark conference underscores our commitment to modernizing Nigeria’s civil service through innovative financial solutions that foster transparency and efficiency.”
Union Bank’s presence at this pioneering event not only underscores its forward-thinking ethos but also positions the Bank as a catalyst for progress at the intersection of finance and public administration.
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