Verod Capital announced September 18 it has obtained a green light from regulators to get full control of insurer Metropolitan Life Insurance Nigeria. Under this agreement, Verod is acquiring the shares South Africa Momentum Metropolitan Holdings Limited (MMI Holdings) has been holding in Metropolitan Life Insurance’s capital for 12 years.
The financial terms of the transaction were not disclosed. Verod said it wants to enter Nigeria’s high potential insurance market. According to Eric Idiahi, a partner at Verod, the low penetration of insurance services in Nigeria reflects the untapped opportunities the sector offers.
This was also the vision of MMI Holdings, when it increased its stake in Metropolitan Life Insurance Nigeria from 50% to 100% in 2016, before it decided to review its presence in Africa, a year later.
Idriss Linge