Old Mutual Nigeria will continue to offer top notch products and services to its teeming policyholders even under a new owner, Old Mutual West Africa Group CEO, Samuel Ogbu assures.
Emple Group had recently acquired 100 per cent stake in General Insurance and Life businesses in Old Mutual Nigeria, hence, taking over its Life and General Insurance businesses, pending regulatory approval.
Optimising return on capital has been the key consideration for this transaction even as Old Mutual believes that the most responsible and sustainable future is for these businesses to continue under new ownership.
Hence, the new investor, Emple Group, is to carry on its legacy, while Old Mutual said it would maintain a presence in the country through its investment arm, Africa Infrastructure Investment Managers (AIIM).
Assuring policyholders and relevant stakeholders that its innovative products and service delivery still remains despite having a new owner, Ogbu said, the new investor will continue Old Mutual’s journey while making sure no Nigerian jobs are lost; and that the business continues to play a strong part in rebuilding the Nigerian economy at large and the financial services industry in particular.
Part of the agreement, he disclosed, was an undertaking by the new investor to present a clear transition plan, which includes immediate and medium-term plans for growth, together with the existing team, meaning that the transition will proceed with the existing team in place.
Old Mutual, he said, does not foresee any impacts on the policies and relationships with its customers and stakeholders in Nigeria and is expected to be working with Emple Group to ensure a smooth transition.
“We are in the process of communicating with our customers and key stakeholders, and the reassurance we are giving is that they can expect continued excellent service,” he pointed out.
In the last year, he said, Old Mutual Nigeria’s management team, led by Olalekan Oyinlade, who is the Managing Director of the General Insurance business and Olusegun Omosehin, who is the Managing Director of the Life Assurance business, have worked to turn these businesses into profitable and strong entities, primed for further growth.
However, Ogbu believes that the Emple Group is well-placed to take these businesses to the next phase of their growth journey as the Old Mutual Nigeria Leadership team will be working closely with the Emple Group to ensure a smooth transition
The retention of employees, he stressed, has been a priority consideration as part of the negotiation process, meaning that the transaction will proceed with the current team in Nigeria in place, even as he stressed, it is not abandoning Nigeria, with the company maintaining its presence in the country through infrastructure management.
“We see great potential in the infrastructure investment space. AIIM has had great success in the country to date, pursuing opportunities in the sub-region and beyond, through the team in Lagos. Old Mutual currently has significant investment interests in renewable energy, midstream gas, and the digital infrastructure sector in Nigeria through its various AIIM funds. Our view is long-term, and we continue to explore opportunities for growth,” added Ogbu.
AIIM started as a joint venture, but it is now wholly owned by Old Mutual. AIIM has had great success in the country to date, and it pursues opportunities in the sub-region and beyond through the team in Lagos, and the company will continue to explore opportunities for growth.
The company currently has significant investment interests in renewable energy, midstream gas, and the digital infrastructure sector through its various AIIM funds.
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