South Africa’s Sanlam said on Monday it had acquired an indirect stake in Nigeria’s Oasis Insurance after a company it partially owns purchased 71.2 percent in the motor and fire insurer.
Sanlam said in a statement FBN Life Assurance, which is part owned by Sanlam, had bought the stake. Oasis gives Sanlam an entry point into the general insurance sector in Africa’s most populous nation.