FBN Life Assurance, a life insurance joint venture (JV) by FBN Holdings of Nigeria and Sanlam of South Africa, is all set to purchase general business specialist company Oasis Insurance.

A senior official at the National Insurance Commission (NAICOM) was quoted by the BusinessDay as saying that FBN Life is awaiting the approval of the Securities and Exchange Commission (SEC) following the completion of due diligence on Oasis.

The acquisition is expected to enable FBN Life Assurance to underwrite general insurance business in the country’s growing multi-trillion naira risk management industry.

The source told the news portal, "We want to see big and mega insurance companies in Nigeria that would be able to compete with their counterparts outside the shores of Nigeria."

"Look at the AIGs of this world, the Old Mutuals of South Africa and their contribution to their economies. We want to see that happen in Nigeria," it added.

Declining to comment on the issue, FBN Life managing director Val Ojumah had said earlier in the year that FBN Life was serious of getting a license for general business.

"Part of our strategy this year would be to expand our business to be able to offer services in the general line of insurance, and this we would be working very hard to achieve," Ojumah had said during the launch of "Padi4life", one of the company’s products, in Lagos.

FBN Life Assurance, in which FBN Holdings holds 65% stake and the Sanlam Group owns 35% stake, has been licensed to transact life assurance businesses in Nigeria.