Sanlam takes 100℅ ownership of FBNInsurance

Val Ojumah, Managing Director, FBNInsurance Limited

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Chuks Udo Okonta

South Africa’s largest insurer Sanlam SLMJ.J said on Tuesday it bought out the remaining 65 per cent stake in Nigerian insurance business FBNInsurance Limited it did not already own from First Bank FBNH.LG, deepening its presence in the West African country.

Reuters reported that Sanlam did not disclose the value of the deal, which will now give the company full control of the joint venture that began with First Bank in 2011.

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