Leadway Holdings has formally announced the acquisition of PAL Pensions, in a deal that expands the group’s footprint in Nigeria.
The development was confirmed through an internal memo shared with staff earlier this week.
A staff member, who spoke with Naijaonpoint on condition of anonymity, said the acquisition had been rumored for weeks but was only recently confirmed officially.
“Yes, Leadway has acquired PAL Pensions. Though we had been hearing about it for some weeks, an official memo has now been received to confirm it,” the source said.
Announcing the deal, the Managing Director of Leadway Holdings, Tunde Hassan Odukale, emphasized that the acquisition marks a significant milestone in the group’s growth strategy.
He explained that PAL Pensions will be merged with Leadway Pensure, the company’s existing PFA, thereby consolidating operations and expanding its customer base.
“This acquisition is more than a milestone; it is a statement of our ambition to build a stronger, more competitive financial services group. With this move, we expand our scale, giving us greater capacity to serve millions of Nigerians saving for their retirement. We unlock opportunities for growth, innovation, and efficiency across our businesses,” he said.
He added that the integration process will be rolled out in the coming weeks, with further details to be communicated to stakeholders and customers.
The MD further praised employees for their role in the company’s success, noting:
“The acquisition is a proud moment for us all, and it is your hard work, dedication, and commitment that make such achievements possible.”
This acquisition comes barely two months after the sale of a significant stake in FBN Holdings by Hassan-Odukale, Leadway Holdings, and its subsidiaries.
Industry analysts suggest that the acquisition of PAL Pensions signals Leadway Holdings’ ambition to consolidate its presence in Nigeria’s financial services sector, especially in pensions, which remains one of the most competitive segments of the Nigerian capital market.