A senior official at the National Insurance Commission (NAICOM) was quoted by the BusinessDay as saying that FBN Life has completed the due diligence on Oasis, and is awaiting the approval of the Securities and Exchange Commission (SEC).
If the proposed transaction happens, it will allow FBN Life Assurance to underwrite general insurance business in the country’s growing multi-trillion naira risk management industry.
Go deeper with GlobalData
The source told the news portal, "We want to see big and mega insurance companies in Nigeria that would be able to compete with their counterparts outside the shores of Nigeria."
"Look at the AIGs of this world, the Old Mutuals of South Africa and their contribution to their economies. We want to see that happen in Nigeria," it added.
FBN Life managing director Val Ojumah, who declined to comment on the issue, had earlier said that FBN Life was serious of getting a license for general business.
"Part of our strategy this year would be to expand our business to be able to offer services in the general line of insurance, and this we would be working very hard to achieve," Ojumah had said during the launch of "Padi4life", one of the company’s products, in Lagos.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataFBN Life Assurance, in which FBN Holdings owns 65% stake and the Sanlam Group holds 35% stake, has been licensed to transact life assurance businesses in Nigeria.
