The acquisition was effected through the execution of a share sale and purchase agreement with the majority shareholders of Oasis, following receipt of approvals of the Board of Directors of FBN Life, FBN Holdings Plc and the selling shareholders as well as the requisite regulatory approvals from the National Insurance Commission, Securities and Exchange Commission and the Nigerian Stock Exchange.
FBN Life’s key strategic rationale for the acquisition of Oasis Insurance is to diversify into general insurance service offerings
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