FBN Life, a subsidiary of FBN Holdings announced to the Nigerian Stock Exchange that it has acquired a majority stake in Oasis Insurance.
The company said in a press release issued earlier today via email, “FBN Holdings Plc. is pleased to announce that its subsidiary, FBN Life Assurance Limited (“FBN Life” or “the Company”), has acquired 4,630,595,326 ordinary shares of 50kobo each representing 71.2% of the total issued ordinary share capital of Oasis Insurance Plc (“Oasis”). The acquisition was effected through the execution of a share sale and purchase agreement with the majority shareholders of Oasis following receipt of approvals of the Board of Directors of FBN Life, FBN Holdings Plc and the selling shareholders as well as the requisite regulatory approvals from the National Insurance ommission, Securities & Exchange Commission and The Nigerian Stock Exchange.
“FBN Life’s key strategic rationale for the acquisition of Oasis Insurance is to diversify into general insurance service
offerings. FBN Life plans to complement its existing life assurance business with a range of general insurance products as
part of the strategic plan to improve insurance penetration in Nigeria.”
FBN Holdings executed the transaction in conjunction with Sanlam Emerging Markets (“Sanlam EM”), one of the largest financial institutions in South Africa. Sanlam EM, a part of Sanlam Group, is one of Africa’s foremost insurance providers, with over nine decades of experience managing life insurance businesses in a number of Sub Saharan African countries as well as Europe, Asia and
the United States. Sanlam EM provides technical implementation assistance and ongoing management support to the
Company’s operations. FBN Life commenced business on 1 September 2010.