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Emple Group Acquires Old Mutual’s Insurance Business

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Old Mutual Nigeria has finalized the sale of its life and general insurance operations to the Emple Group, pending regulatory approval. This decision came after a comprehensive strategic assessment of the businesses to evaluate their short and long-term prospects within the in-country asset and the wider Old Mutual Group.

Samuel Ogbu, the Chief Executive Officer of Old Mutual West Africa Group, commented on the deal, stating, “Having established a presence in Nigeria in 2013, our aim has always been to expand and elevate the business to position Old Mutual as a premier financial services provider in the market. Despite strategic investments made along the way to sustain the Nigerian businesses, Old Mutual has opted to divest the general insurance and life segments to optimize capital management.”

As part of the agreement, the Emple Group will outline a clear transition plan for immediate and medium-term growth, involving the current team. Ogbu assured that the transition would proceed seamlessly with the existing workforce intact.

Old Mutual reassured its customers and stakeholders in Nigeria that there will be no disruption to policies and relationships, and efforts will be made with the Emple Group to ensure a smooth transition. The company clarified that while the insurance business is being divested, Old Mutual will maintain a presence in Nigeria through its investment arm, Africa Infrastructure Investment Managers.

Ogbu emphasized the potential for growth in the infrastructure investment sector, citing Old Mutual’s existing interests in renewable energy, midstream gas, and digital infrastructure in Nigeria through various AIIM funds. The firm’s commitment to long-term growth on the African continent remains steadfast, with a focus on sustainability and responsible growth to benefit all stakeholders.

In closing, Ogbu expressed gratitude to the National Insurance Commission and the people of Nigeria for their support over the years. He expressed confidence in the Emple Group continuing the legacy of growth nurtured by Old Mutual in Nigeria.

The Emple Group, comprised of Nigerian investors, is the new investor taking over the acquired insurance businesses.

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