AIICO Insurance Announces Plans To Sell 96% Stake In AIICO Pensions To FCMB Pension Limited

BY NKECHI NAECHE-ESEZOBOR–AIICO Insurance Plc has said its in discussion with FCMB pension Limited for the sale of 70 percent stake in Pension Management subsidiary, AIICO Pensions Managers Limited to FCMB Pensions Limited.

The proposed sale according to the insurer is AIICO’s stake of 70% and other shareholders stakes of 26% thus bringing the cumulative sale of 96% stake to be purchased by FCMB Pensions.

At the conclusion of the proposed sale, AIICO Pensions shall cease to be a subsidiary of AIICO Insurance Plc.

The proposed transaction is subject to the approvals of the National Pension Commission and the Federal Competition and Consumer Protection Commission.

The notice added that it will We shall notify the Nigerian Stock Exchange once the relevant approvals for the transaction are received.

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