Fola Adeola Acquires Union Bank’s Insurance Company, Union Assurance

…picks ex AIICO topshot, Owolabi Salami as new face

Quiet billionaire with arresting credentials, Fola Adeola has acquired insurance company, Union Assurance.

The reputable individual with his hands in many profitable enterprises is said to have perfected this development by putting together a team of investors he heads societynowng.com learnt.

Union Assurance was a subsidiary of financial institution, Union Bank.

Though financial details of the acquisition is not yet clear, it is believed to be above the stipulated N5b (five billion naira) capital base for insurance companies.

Further revelations unearthed by societynowng.com have it that the Chairman of Main One Cable Company Limited, which completed the construction of an open access submarine cable system that spanned 14,000 kilometres and provides international and internet connectivity to countries on the Atlantic Coast from Portugal to Lagos has picked ex top shot at insurance company, AIICO –

Owolabi Salami as the new face of Union Assurance.

Owolabi, a former general manager at Guaranty Trust Assurance plc (Now Mansard Insurance) comes to the investment portfolio also as an ex deputy managing director at popular insurance company AIICO(American International Insurance Company).

He is expected to bring in his over sixteen years top level expertise in the insurance industry and related field to bear on the mega initiative.

Societyowng.com learnt things are being kept ‘hush hush’ because of the ongoing paper work on the transfer of assets and related property.

‘they are currently in the of a transition of sort, but very soon…an announcement will be made’ another source disclosed.