Aluko & Oyebode is pleased to have advised Sanlam Emerging Markets Proprietary Limited in connection with its acquisition of FBN Holdings Plc’s shareholding in FBN Insurance Limited. Following the transaction, Sanlam will hold a 100% equity stake in FBN Insurance Limited and its wholly-owned subsidiary, FBN General Insurance Limited.
Sanlam Emerging Markets Proprietary Limited is a subsidiary of the Sanlam Group, a diversified financial services group, headquartered in South Africa and operating across a number of selected global markets. The transaction is in line with Sanlam’s business strategy to deepen its presence in existing markets and to enhance its long-standing commitment to the Nigerian market.
FBN Insurance Limited is an insurance business involved in the development and sale of individual and group life and general insurance products, with presence in strategic geographical locations across Nigeria. Since its incorporation in the year 2010, the company has grown to become one of the fastest-growing insurance companies in Nigeria and has won several industry awards.
Aluko & Oyebode previously advised Sanlam on its purchase of a 35% interest in FBN Insurance Limited (then known as FBN Life Assurance Limited).
The Firm’s team on the transaction was led by Mergers and Acquisitions Partner, Ayodeji Oyetunde, who was assisted by Abisola Akinyemi, Damilola Adesanya and Gregory Yinka-Gregg.