The board of FBN Holdings Plc, on Tuesday, through the Nigerian Stock Exchange (NSE), announced the completion of the sale and transfer of its 65% equity interest in FBN Insurance Limited to Sanlam Emerging Markets (Proprietary) Limited.

This, the group said in a statement jointly signed by Urum Kalu Eke, its Group Managing Director, and Heinie Werth, chief executive of Sanlam Emerging Markets, followed “receipt of all relevant regulatory approvals”

Both organizations, they said, had activated the Shareholders Agreement that provides pre-emptive rights to Sanlam.

This has also been indicated in the Share Purchase Agreement, even as the divestment became effective on June 1, 2020.