Global law firm Norton Rose Fulbright has advised Zenith Bank Plc (Zenith Bank) and Quantum Fund Management (Quantum), the family office of Jim Ovia, the founder and majority shareholder of Zenith Bank, on the sale of a majority interest in Zenith Life Insurance. The deal also sees Prudential agreeing exclusive bancassurance partnerships with Zenith Bank in Nigeria and Ghana.

Zenith Bank, which is Nigeria’s biggest bank by tier-1 capital, provides corporate, business and personal banking products through its network of over 350 branches, serving over 1.6 million customers. Zenith Bank was established in 1990, and listed on the Nigerian Stock Exchange in 2004 and on the London Stock Exchange in 2013.

Zenith Life Insurance, incorporated in 2001, is one of the fastest-growing life insurance companies in Nigeria. Zenith Life will be rebranded as Zenith-Prudential Life Insurance.

The deal mark’s Prudential’s entry into Nigeria, Africa’s largest economy, and follows its recent launch of businesses in Ghana, Kenya, Uganda and Zambia.

The Norton Rose Fulbright team advising Quantum and Zenith Bank was led by partner Bayo Odubeko, assisted by partners Bob Haken and Marcus Evans, associates Alex Lott, George Cameron, Elizabeth George, and Seya Rahnema, and trainee Oscar Ko.

Bayo Odubeko commented: “We are delighted to advise Zenith Bank and Quantum on this transaction that brings together one of the leading global insurers and one of Africa’s leading financial institutions. Africa’s insurance sector is growing rapidly, driven by rising consumer demand for a sophisticated and diverse range of products. This transaction follows on the heels of our role advising Swiss Re on its investment in leading Nigeria insurer, Leadway Assurance Company, and on the sale of another leading Nigeria insurer, Mansard Insurance Plc to Axa Plc.”