Mansard Insurance Plc (NGSE:MANSARD) agreed to acquire 60% stake in Penman Pensions Limited for approximately NGN 2 billion on December 16, 2014. 20% of the total consideration has been deposited into an escrow account with GTBank Plc pending the outcome of a satisfactory post acquisition audit to be conducted by an external consultant. Penman Pensions will operate as Mansard, subsidiary post completion. Mansard has obtained regulatory approvals from the National Pension Commission, the National Insurance Commission and the Securities and Exchange Commission and is in the process of completing the transaction.

Mansard Insurance Plc (NGSE:MANSARD) completed the acquisition of 60% stake in Penman Pensions Limited on January 18, 2015.