FBN Life Assurance buys Oasis Insurance

FBN Life Assurance Limited yesterday said it has acquired the majority shares of Oasis Insurance plc.

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, 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 from FBN Holdings said yesterday.

The company said FBN Life’s key strategic rationale for the acquisition of Oasis Insurance is to diversify into general insurance service offerings.

The CEO, FBN Holdings, Mr. Bello Maccido, said: “We are delighted with this new addition to our group; the formal acquisition of Oasis Insurance provides us with an entry point into the general insurance sector of the Nigerian insurance industry.

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

Commenting on the acquisition, Valentine Ojumah, Managing Director/ Chief Executive Officer of FBN Life said:“We are delighted to formally announce our acquisition of Oasis Insurance Plc. Having received regulatory approvals from both the Securities and Exchange Commission and the National Insurance Commission, FBN Life Assurance Limited has set the stage for its emergence as a dominant player in the insurance industry.”