Business
Odu’a Investment Acquires 10% Stake in FCMB Pensions
Odu’a Investment acquires 10% stake in FCMB Pensions, boosting presence in Nigeria’s growing pension sector and strengthening long-term financial stability
Odu’a Investment Company Limited has confirmed the acquisition of a 10 per cent minority equity stake in FCMB Pensions Limited, a subsidiary of FCMB Group Plc, in a move aimed at strengthening its presence in Nigeria’s expanding pension industry.
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The transaction has received all necessary regulatory approvals from the National Pension Commission and the Central Bank of Nigeria, with the Securities and Exchange Commission duly notified.
The company described the investment as strategic, targeting a resilient segment of the financial services industry and reinforcing FCMB Pensions’ shareholder base through the inclusion of a long-term institutional investor.
Otunba Bimbo Ashiru, Group Chairman of Odu’a Investment, said the move aligns with the company’s broader strategy of partnering with strong institutions in sectors essential to Nigeria’s economic stability.
“This investment reflects Odu’a’s strategy of partnering with strong institutions operating in sectors that are central to Nigeria’s long-term economic stability and growth,” Ashiru stated.
“The pension industry plays a critical role in mobilising long-term savings and strengthening the financial system. FCMB Pensions has built a solid platform serving contributors across Nigeria, and we see a significant opportunity to support its continued growth and impact.”
Abdulrahman Yinusa, Group Managing Director of Odu’a Investment, described the deal as a vote of confidence in FCMB Pensions’ leadership and long-term prospects.
“Our partnership with FCMB Group Plc reflects confidence in FCMB Pensions’ strategy, leadership, and long-term potential. Together, we will work to expand its reach, support its strategic objectives, and deliver sustained value to contributors and other stakeholders,” Yinusa added.
The partnership brings together two established institutions with complementary strengths, aimed at deepening market penetration and enhancing service delivery within Nigeria’s contributory pension scheme.
Analysts note that institutional investments of this nature can boost investor confidence and drive innovation in the sector.
Odu’a Investment Company Limited, jointly owned by the six South-West states of Nigeria, manages a diversified portfolio spanning real estate, financial services, hospitality, agriculture, and industrial investments.
Its mandate includes generating sustainable economic value while supporting regional development initiatives.
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The acquisition underscores a growing trend of strategic institutional investment in Nigeria’s pension sector, highlighting the importance of collaboration in promoting long-term financial stability and inclusive growth.
President Bola Tinubu has reaffirmed the Federal Government’s commitment to rehabilitating and repositioning Nigeria’s dormant national refineries, declaring that the facilities will not be allowed to become stranded assets.
Tinubu was represented by the Permanent Secretary of the Ministry of Petroleum Resources, Mrs Patience Oyekunle, at the 20th OTL Africa Downstream Energy Week in Lagos on Monday.
The President said the government is adopting a more rigorous and commercially sustainable approach to the rehabilitation of the Port Harcourt, Warri and Kaduna refineries.
“At the same time, the government remains committed to ensuring that existing national refining assets are not allowed to become stranded investments,” the statement said.
“We are pursuing a more rigorous, commercially sustainable approach to the rehabilitation and repositioning of our refineries, supported by technical assessment, stronger partnerships, and improved operational discipline.”
The objective, according to the administration, is for Nigeria to refine more of its crude oil, create greater domestic value and become a reliable supplier of energy to Africa.
The national refineries, managed by the Nigerian National Petroleum Company Limited (NNPC), have remained largely inactive for years despite significant spending on turnaround maintenance. The NNPC has signed a memorandum of understanding with Chinese firms as part of ongoing efforts to revive the facilities.
Tinubu also noted the contribution of private refining capacity, particularly the Dangote Refinery, which has reached its 650,000 barrels-per-day nameplate capacity, in strengthening Nigeria’s prospects of becoming a net exporter of refined petroleum products.
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