Transaction Reports Oasis Insurance FBN Life and

Sanlam acquire stake in Oasis Insurance

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FBN Life and Sanlam acquire stake in Oasis Insurance Plc

Sanlam and FBN Holdings Plc, owners of FBN Life Assurance Limited (FBN Life), have announced that FBN Life has acquired a 71.2% equity interest in the Nigerian Stock Exchange-listed general insurance company, Oasis Insurance Plc.

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Sanlam Emerging Markets (SEM), the cluster within the Sanlam Group tasked with expansion into international emerging markets, and FBN Holdings are the 35% and 65% shareholders of FBN Life respectively.

The acquisition of Oasis Insurance Plc provides an entry point into the general insurance sector of the

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Nigerian insurance industry, which, according to the Nigerian insurance industry statistics contributed close to 80% of total insurance premiums in the country. The acquisition will leverage off the extensive branch network of First Bank of Nigeria Limited and FBN Life’s existing distribution infrastructure.

G. Elias & Co., who acted as legal advisors to FBN Life Assurance Limited in a team led by Managing Partner Fred Onuobia (assisted by Associate Ukamaka Okoli), said, “The acquisition represents FBN Holdings Plc’s bold foray into general insurance business having been a significant player in the banking sector for over a century”.

Oasis Insurance.indd 1 VeryLastRoom VeryLastRoom recieves 1.5 million Euros from A Plus Finance,

Extend AM and SIGMA Investors:

VeryLastRoom recieves €1.5 million from A Plus Finance, Extend AM and SIGMA

Less than a year after its first fundraising of €400k, French startup VeryLastRoom has secured a second round of €1.5 million from the funds of A Plus Finance, Extend AM and SIGMA.

The company, which specialises in hotel reservations last minute, offers more than 1200 hotels to book for the same evening, every day, via its mobile application in France, Belgium and Spain.

Powered by a strong word-of-mouth and its offering of rooms at discount prices, via its iPhone and Android App, VeryLastRoom plans to reach 1 million downloads by the end of the year.

With this new round of funding the company has the means to achieve its ambitions and will double its workforce in the next 3 months to increase its hotel portfolio , intensify its efforts in marketing and R&D.

02/04/2014 14:02

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