The largest shareholder of Cornerstone Insurance Plc, African Capital Alliance (ACA), has bought the 96 per cent share of First City Monument Bank (FCMB) in Fin Insurance.
African Capital Alliance is also a core investor in Union Bank of Nigeria Plc. The Nation learnt that the insurance firm was handed over by FCMB management at a ceremony in Abuja early in the week.
The buy-over, it was learnt, would allow the combination of business with Cornerstone. The firm has been on sale since June last year following the announcement by FCMB to transit into a Holding Company.
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