Sanlam has acquired the remaining stake in the Nigerian insurance business FBN Insurance from its partner, FBN Holdings.

The acquisition leaves the company with full ownership of FBN Insurance Limited (FBNI) and its subsidiary, FBN General Insurance.

Previously, FBN Holdings held a 65% stake in FBN Insurance, while Sanlam held the remaining 35% interest.

Sanlam Emerging Markets (SEM), the company’s business cluster focused on emerging markets, conducted the transaction.

The company noted that this transaction strengthens its presence in current markets and highlights and enhances its long-standing commitment to the Nigerian market.

SEM CEOHeinieWerth said: “Sanlam exercised its pre-emptive right to acquire the remaining shareholding of FBNI and in line with our partnership philosophy that underpins our business model, we will introduce local shareholding at an appropriate time in the future.

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“This transaction is evidence of our belief and confidence in the value and future of the business as well as the skilled management team and staff. Moreover, we are committed to Nigeria and view it as a key market on the continent. The African continent as a whole remains important and integral part of Sanlam’s growth.”

FBN Insurance was founded as a joint venture between Sanlam and FBN Holdings as a life insurer in 2011.

In 2015,it was expanded into general insurance by establishing FBN General Insurance.

FBN Holdingsgroup managing directorUK Eke said: “The divestment is in line with the Group’s medium to long term strategic objectives. This will ultimately improve our shareholders’ wellbeing and deliver greater value to all the stakeholders.”

Last year, Sanlam completed the merger of Soras Assurance General and Saham Assurance Rwanda into a single entity.