Old Mutual, one of the new foreign investor into the Nigerian insurance sector has announced that it has completed the acquisition of Oceanic Life Insurance Ltd by acquiring the majority shareholding of the company.
National Insurance Commission, NAICOM said it has issued a certificate of registration to Old Mutual to operate as an insurer in Nigeria under the new name Old Mutual Nigeria Life Assurance Company Limited, OMNiLAC.
Oceanic Life Insurance Limited was before now, owned by Ecobank having acquired controlling stake in Oceanic Bank.
The company is now owned 70% by Old Mutual Nigeria Services Company Limited (OMNSC) while Cressida Nigeria Limited has 29% stake in the company. The residual 1% is owned by private individuals.
Commenting on the development, Ralph Mupita, CEO of Old Mutual’s Emerging Markets business, said ”We are delighted to have completed the acquisition of this majority stake and we continue to work with Ecobank to expand our product offerings to the Nigerian market.
He added that ”The growth dynamics of the industry are exciting and prospects are good for further development of our business operations in West Africa.”