Sanlam enters Oasis Insurance capital

South African Sanlam group acquired a 71.2% indirect interest in Oasis Insurance, a Nigerian non life insurance company whose portfolio is dominated by motor and fire risks.

This acquisition has been carried out by FBN Life Assurance in which Sanlam holds a 35% stake. The remaining 65% of shares are in the hands of First Bank of Nigeria. This move paves the way for Sanlam, previously present in the life class of business, to enter non life insurance in Nigeria.