British Group, Prudential Plc through its Nigerian subsidiary, Prudential Live Vault Limited (Prudential) has entered into an agreement to buy out the minority shareholding in Prudential Zenith Life Insurance (‘PZL’), its joint venture business in Nigeria. Prudential originally purchased a 𝟓𝟏 𝐩𝐞𝐫𝐜𝐞𝐧𝐭 stake in Zenith Life Insurance Limited in Nigeria in 2017, which benefited from an existing bancassurance partnership with Zenith Bank.
The new agreement sees Prudential Plc acquire the remaining 𝟒𝟗 𝐩𝐞𝐫𝐜𝐞𝐧𝐭 of the equity held by Veritas Registrars Limited (formerly Zenith Registrars Limited), making it a 100percent owner of PZL in Nigeria. The consideration for this transaction will be payable in cash and includes a performance-based element.
Banwo & Ighodalo advised Prudential Africa Holdings Limited and its Nigerian subsidiary, Prudential Live Vault Limited, on its strategic buyout of the minority shareholder, Veritas Registrars Limited, in Prudential Zenith Life Insurance Limited. Olaniwun Ajayi acted as Nigerian Legal Advisers to Veritas Registrars Limited (formerly Zenith Registrars Limited), on the divestment of its 49% equity stake in Prudential Zenith Life Insurance Limited to Prudential Life Vault Limited.
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