Leadway takes full control of PAL Pensions

Leadway Holdings, one of Nigeria’s largest non-banking financial services groups, chaired by Oye Hassan Odukale, has completed the acquisition of Pensions Alliance Limited after securing final approval from the National Pension Commission. The move gives Leadway full ownership of PAL and strengthens its presence in the country’s pension market.

Client communication and transition

In a notice to clients, Leadway said the companies have begun an integration process designed to keep all account details intact and compliant with regulatory rules. The firm assured contributors that service channels remain open and that customers will not see any immediate changes to how they access their pension accounts. 

“Both organizations will work closely to ensure a smooth and transparent transition that protects your interests at every step,” the company said in the statement. Leadway added that the completed deal marks “a step toward becoming part of a stronger and more diversified financial ecosystem.”

Industry impact and strategic expansion 

The acquisition, first announced in September, transfers ownership from FSDH Holding Company Limited and Africa Alliance Insurance. PAL Pensions, which is marking its 20th year in operation, recently crossed N1 trillion in assets under management. 

PenCom will oversee the consolidation of PAL Pensions with Leadway Pensure, a development expected to give the enlarged group broader reach and a stronger base for long-term growth. Leadway said the combination is built on shared standards in governance and customer service, noting that a larger platform will help deepen financial inclusion and reinforce confidence in the wider pension industry. 

Leadership views 

Tunde Hassan-Odukale, Leadway Holdings’ group managing director, said the deal affirms the company’s long-standing commitment to the sector. “By bringing PAL and Leadway Pensure together, we are building not only scale but resilience, trust and wider access for more Nigerians who want to secure their retirement,” he said. 

FSDH Group Managing Director Segun Odusanya said the sale aligns with PAL’s long-range plans, while PAL Managing Director Sa’adu Jijji added that the transition opens the door to broader collaboration and improved financial solutions.

A family rooted in Nigerian finance 

Leadway was founded in 1970 by Sir Olusola Hassan Odukale, who pushed for stronger local participation in insurance at a time dominated by foreign firms. After his death in 1999, his sons, Oye and Tunde, continued to grow the business. 

Oye Hassan Odukale, now group chairman, previously served as CEO of Leadway Assurance and has held several industry and public-sector leadership roles. He has also led FBN UK and Leadway Asset Management and is a recipient of the national honor of MFR.

Looking ahead 

With regulatory clearance in place, Leadway is set to widen its reach across Nigeria’s pension system. The combined entity is expected to improve service delivery, expand access and support more reliable retirement planning for millions of workers.