(Ecofin Agency) - South African Insurance group Sanlam becomes the only shareholder in the Nigerian life insurance company FBN Insurance and its subsidiary FBN General Insurance.

The acquisition follows a deal signed between FBN Holding (parent company of FBN Insurance and FBN General Insurance) and Sanlam which grants the South African company the ownership over the 65% stake held by FBN Holding in the two branches. Before the agreement was signed, Sanlam held 35% in FBN Insurance.

Let’s note that FBN Holdings started the process of selling its shares in the capital of FBN Insurance since April 2020. The operation is in line with the development strategy of the Nigerian group. The financial details of this sale have not been disclosed.