The Board of Directors of First Bank of Nigeria Holdings (FBNH) and Sanlam Emerging Market (Proprietary) Limited has announced the completion of the sale and transfer of FBNH’s 65% shareholding in FBN Insurance Limited to Sanlam.
This effectively confers the ownership of FBN Insurance Limited and its subsidiary, FBN General Insurance Limited, on Sanlam forthwith, following the receipts of all relevant regulatory approvals.
Both organisations had activated the Shareholders Agreement which provided pre-emptive rights to Sanlam.
The effective date of the divestment is June 1, 2020 and the deal was indicated accordingly in the Share Purchase Agreement.