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FBN Life acquires majority stake in Oasis

By on February 25, 2014

FBN Life Assurance Limited, a subsidiary of FBN Holdings Plc, has acquired Oasis Insurance Plc’s 4.6 billion ordinary shares at 50k each, representing 71.2 per cent of the total issued ordinary share capital of 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 Commission, Securities and Exchange Commission and the Nigerian Stock Exchange.

A statement made available to our correspondent on Sunday stated that FBN Life’s key strategic rationale for the acquisition of Oasis Insurance was 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,” it stated.

The Chief Executive Officer, FBN Holdings, Mr. Bello Maccido, said the formal acquisition of Oasis Insurance provided the group with an entry point into the general sub-sector of the Nigerian insurance industry.

“With this acquisition, FBN Holdings will continue to leverage synergies across the group to grow its businesses profitably and reinforce its leadership position, whilst driving the business forward. The new investment will also leverage off the extensive branch network of First Bank and FBN Life’s existing distribution infrastructure,” he said.

The Managing Director and Chief Executive Officer, FBN Life, Mr. Valentine Ojumah, stated that FBN Life Assurance Limited had set the stage for its emergence as a dominant player in the insurance industry.

 

 

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