FBN Holdings Plc and Sanlam Emerging Markets Proprietary Limited have announced the completion of the sale and transfer of FBN Holding’s 65 percent stake in FBN Insurance to Sanlam Limited.
The Boards of Directors of both organisation stated this in a divestment announcement sent to the Nigerian Stock Exchange (NSE) on Tuesday, June 2, 2020.
The divestment announcement was jointly signed by Mr Urum Kalu Eke, FBN Holdings Group Managing Director and Mr Heinie Werth, Sanlam Chief Executive Officer.
The statement said the divestment confers full ownership of FBN Insurance and its subsidiary, FBN General Insurance Limited on Sanlam.
“This effectively confers full ownership of FBNI and its subsidiary, FBN General Insurance on Sanlam forthwith, following receipt of all relevant regulatory approvals.
“Both organisations had activated the shareholders agreement which provides pre-emotive rights to Sanlam.
“Accordingly, and as has been indicated in the Share Purchase Agreement, the effective date of the divestment is June 1,” the statement read.
FBN Holding in April had notified the exchange of on-going discussions with its partner Sanlam Emerging Markets to divest 65 percent equity in FBN Insurance Limited.
FBN Insurance was founded as Life Insurer in 2010, with a vision to be Nigeria’s first choice in risk underwriting, wealth preservation and financial security.
The company has since grown to become one of the best insurance companies in Nigeria with a subsidiary that undertakes general insurance business, offering a broad range of investment and risk underwriting products.
Sanlam Group on its part has been associated with FBNI since it was established in 2010 and was the other shareholder.
Sanlam has over 100 years experience and expertise in Insurance, Asset Management, Wealth Management and Investments, is one of the leading Insurance companies in Africa.
