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Old Mutual Nigeria sales 100% stake of general insurance and life businesses to Emple Group

Old Mutual Nigeria has announced the sale of 100% of its stake in the General Insurance and Life businesses to the Emple Group.

According to the company in a statement seen by TheTimes, the decision follows a strategic review of the businesses which weighed up the immediate-to long-term prospects for both the in-country asset and the broader Old Mutual Group.

Old Mutual West Africa Group CEO, Samuel Ogbu commenting on the development said since establishing a presence in Nigeria in 2013, it has been its ambition to scale and grow the business in a way that would position Old Mutual as a leading financial services provider in the market.

He noted that part of the agreement is an undertaking by the new investors to present a clear transition plan, which includes immediate and medium-term plans for growth, together with the existing team. This means that the transition will proceed with the existing team in place.

Ogbu. Said Old Mutual does not foresee any impacts on the policies and relationships with its customers and stakeholders in Nigeria and will be working with the Emple Group to ensure a smooth transition.

Ogbu confirmed that the company would not be leaving Nigeria completely but would maintain a presence in the country through its investment arm, Africa Infrastructure Investment Managers (AIIM).

He noted that the Group’s commitment to growing on the African continent remains firm.

According to him, the transaction is still subject to regulatory approval. He said that the company would be working closely with the Emple Group to ensure a smooth transition of the plan.

 

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