Prudential Plc has announced its intention to acquire the remaining shares of its joint venture, Prudential Zenith Life Insurance Limited, taking full ownership of the Nigerian insurance firm.

The disclosure was made by the Managing Director, Strategic Business Group, Prudential, Solmaz Altin, at a press conference on Friday, in Lagos.

He stated that Prudential, which initially acquired a 51 per cent stake in Prudential Zenith Life in 2017, is making this move as part of its strategy to expand its operations across Africa by investing in markets with strong growth potential.

“The increase in ownership of the PZL business is a further step in executing Prudential’s focus in Africa on deploying capital in its existing operations that have the greatest potential. Prudential originally purchased a 51 per cent stake in Zenith Life Insurance Limited in Nigeria in 2017, which benefited from an existing bancassurance partnership with Zenith Bank. The consideration for this transaction will be payable in cash and includes a performance-based element”, Altin stated.