Nigeria’s FCMB Buys 60% Stake in Aiico Insurance’s Pensions Unit

FCMB’s pension unit has bought a 60% stake in Aiico Pension Managers for an undisclosed amount, according to company filing.

* “The acquired stake was reduced from the initial 96.3% stake in our notification to the Nigerian Stock Exchange on June 25, 2020 to comply with the transaction structure approved by regulators”
* FCMB plans to combine the two pensions units “to build a stronger and more resilient business”

Source: Bloomberg