FBN Life Assurance Acquires Oasis Insurance PlcKayode Adelowokan, LagosFBN Holdings Plc has announced that its subsidiary, FBN Life Assurance Limited has acquired 4,630,595,326 ordinary shares of 50kobo each representing 71.2% of the total issued ordinary share capital of Oasis Insurance Plc. Oasis Insurance Plc is a general insurance company in Nigeria, licensed to carry on non-life insurance business in Nigeria, spanning fire, general accident, motor, marine, aviation, oil & gas, bond and engineering all-risk policies. The statement said the Company’s key strategic rationale for the acquisition of Oasis Insurance is to diversify into general insurance service offerings. “FBN Life plans to complement its existing life assurance business with a range of general insurance products as part of the strategic plan to improve insurance penetration in Nigeria.”The Chief Executive officer, FBN Holdings, Mr. Bello Maccido, expressed his delight with the new addition to the group, adding that the formal acquisition of Oasis Insurance plc provides the group with an entry point into the general insurance sector of the Nigerian Insurance Industry. The new investment will also leverage off the extensive branch network of First Bank and FBN Life’s existing distribution infrastructure.”Having received regulatory approvals from both the Securities and Exchange Commission and NAICOM, Managing Director of FBN Life, Mr. Valentine Ojumah, said FBN Life Assurance Limited has set the stage for its emergence as a dominant player in the insurance industry.