FBN Life Assurance acquires 71.2% of Oasis Insurance

* Appoints acting MD

By Ebenezer Ademola

Oasis Insurance Plc has announced a significant change in its ownership structure as the erstwhile majority shareholders of the company- Oasis Group Limited and MetroWest Investments Limited have sold to FBN Life Assurance Limited, a subsidiary of FBN Holdings Plc, a total of 4,630,595,326 ordinary shares of 50kobo each representing 71.2 per cent of the total issued ordinary share capital of Oasis Insurance.

According to a statement, the acquisition was effected through the execution of a share sale and purchase agreement between the parties following receipt of the requisite regulatory approvals from the National Insurance Commission, Securities & Exchange Commission and the Nigerian Stock Exchange.

Following this majority acquisition, FBN Life is required to make a mandatory take-over bid to the remaining shareholders of Oasis insurance in line with Section 131 of the Investment and Securities Act and Rule 445 of the Securities and Exchange Commission’s Rules and Regulations.

As a result of this transaction Oasis Insurance becomes a subsidiary of FBN Life, and a member of FBN Holdings Plc. We intend to leverage on this affiliation with FBN Holdings Plc to expand our coverage of the Nigerian general insurance market by offering our insurance products through First Bank Limited’s branch network. More importantly, the acquisition allows Oasis Insurance and FBN Life to leverage their relative strengths, thereby creating synergies for the benefit for their respective stakeholders.

Meanwhile, Oasis Insurance Plc has notified the Nigerian Stock Exchange that it has appointed Mr Goke Adegbite as the Acting Managing Director of the Company.

Mr Goke Adegbite is a Chartered Accountant and a fellow of Certified Chartered Accountants. He holds BSc. in Mathematics & Software Engineering from the University of Hull, UK (1996 - 1999) before obtaining his MSc in Investment Management from Cass Business School, UK (2006 - 2007). He became a Certified Insurer from the Chartered Institute of Insurers in 2013.

Mr Adegbite started his working career as an Analyst with Accenture, in Lagos from 2002 to 2003, participating in Business process design and documentation on a leading property group and an import trading conglomerate among his responsibilities. Between 2003 – 2005 he was at Deloitte, Lagos, as a Corporate Finance Analyst while between 2005 - 2006 he moved to Standard Chartered Bank, Lagos as a Business Operational Risk Manager.

Mr Adebgite moved to United Kingdom and joined Ogier Fiduciary Services, Jersey Channel Island Structured Finance as their Senior Accountant, saddled with the preparation of IFRS and UK GAAP FS for Medium–Term Notes programs (MTN), Collateral Debt Obligations (CDO), Fund obligations and other securitisation vehicles among many other obligations.

He is technically skilled in IAS IFRS/UK GAAP and was the Finance Director and Portfolio Manager with Oasis Insurance Plc prior to this appointment.

Source WorldStage Newsonline