Life insurer, Old Mutual, has completed the acquisition of a major stake in Oceanic Life, the life assurance unit of Nigeria’s former Oceanic Bank, it was announced yesterday.

Old Mutual and Ecobank did not disclose the amount of money involved to acquire Oceanic Life. Old Mutual acquired this stake from Ecobank which took over Oceanic Bank in 2011.

This deal throws Old Mutual right at the centre of the Nigerian market, which it has been willing to enter for a long time.

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