FBN Holdings Plc has sold its life insurance company and invested the proceeds of N25 billion ($66 million) as equity into First Bank to boost its capital after restructuring its loan book, FBN said Monday.
Nigeria’s banks are expected to take a big hit to revenues and face rising borrowing costs this year as Central Bank of Nigeria’s measures to support the naira currency squeeze lenders already hit by fallout from the coronavirus and the oil price shock, analysts say.
Chief Executive Officer Urum Kalu Eke said FBN Holdings sold its 65 per cent stake in FBN Insurance to South Africa’s Sanlam Emerging Markets, a minority investor in the business.
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