PenCom Approves Leadway’s Takeover Of PAL Pensions

The National Pension Commission (PenCom) has approved Leadway Holdings Limited’s acquisition of Pensions Alliance Limited, a decision that signals one of the biggest consolidation moves in Nigeria’s pension sector in recent years.

This comes after former shareholders FSDH and African Alliance completed a full divestment. With that hurdle cleared, Leadway has now finalised the takeover and will begin integrating PAL Pensions with Leadway Pensure PFA. The process will unfold under PenCom’s supervision to ensure compliance and stability throughout the transition.

For now, both pension brands will continue to operate side by side. This approach is designed to protect customers and maintain uninterrupted service while systems, governance structures, and technology platforms are aligned.

Leadway Holdings Group Managing Director, Tunde Hassan-Odukale, described the approval as a landmark achievement for the company and a defining moment for the wider pensions market. He said that the combined strength of both pension fund administrators places Leadway in a stronger position to offer better value and deepen market penetration.

“The completion of this transaction is a major milestone for Leadway and a significant step forward for the broader pensions industry,” he said. “We are bringing together two trusted and high-performing brands under one vision focused on delivering improved value, innovation, and long-term security for our contributors.”

He explained that the merger supports Leadway’s long-term ambition of building a more resilient and future-ready pension platform, especially as more young Nigerians enter the workforce. According to him, the scale and synergy created through the acquisition will help improve service delivery, widen access, and promote long-term wealth creation for contributors.

Hassan-Odukale stated that the deal highlights Leadway’s commitment to strengthening its presence in Nigeria’s financial services sector. In combining their operational strengths, technology capabilities, and nationwide networks, he said that Leadway aims to boost innovation and sharpen its competitive edge in an industry shaped by new regulations, rapid digitisation, and rising customer expectations.

The acquisition marks a significant shift in the pension landscape and is expected to influence the direction of future consolidation within the sector.