In a significant strategic move, Old Mutual Nigeria has announced the sale of its life and general insurance businesses to the Emple Group, pending regulatory approval. The undisclosed transaction comes after a meticulous review of the businesses, considering both immediate and long-term prospects within Nigeria's financial landscape.
According to a statement released on Wednesday, the decision to sell reflects Old Mutual's commitment to optimizing capital management and ensuring sustainable growth. Samuel Ogbu, Chief Executive Officer of Old Mutual West Africa Group, emphasized the company's ambition to establish itself as a leading financial services provider in Nigeria since its inception in 2013. Despite strategic investments to enhance competitiveness, the decision to divest was driven by the need to streamline operations and focus on core objectives.
Ogbu assured stakeholders that the transition to the Emple Group would be seamless, with existing teams playing a crucial role in executing future plans. He underscored the continuity of service excellence for customers, emphasizing that policies and relationships would remain unaffected by the change in ownership.
In light of the divestiture, Old Mutual clarified its continued presence in Nigeria through its investment arm, Africa Infrastructure Investment Managers (AIIM). Ogbu highlighted the untapped potential in infrastructure investments, citing successes in renewable energy, midstream gas, and digital infrastructure sectors. This reaffirmed Old Mutual's long-term commitment to the African continent, focusing on sustainable growth and value creation for stakeholders.
While bidding farewell to its insurance business, Old Mutual expressed gratitude to the National Insurance Commission and the Nigerian populace for their support over the years. Ogbu commended the dedication of local teams in building a strong legacy and expressed confidence in the Emple Group's ability to nurture the business further.
The sale marks a strategic shift for Old Mutual in Nigeria, aligning with its broader vision of responsible and sustainable growth across the African continent. As regulatory processes unfold, stakeholders anticipate a smooth transition and continued value delivery under new ownership.
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