Nigeria: SAHAM Finance Enters Nigerian Insurance Market

22 December 2014

SAHAM Finances S. A, the insurance arm of the SAHAM group, made its entrance into the Nigerian insurance industry. The company's entry into the Nigeria as through its Mauritian operating company (Colina Holdings Limited), which bought 40 per cent equity stake Unitrust Insurance Company Limited.

As Part of the group's continued expansion plan, SAHAM said this investment would allow it to consolidate its West African development, importantly in the continent's biggest economy. "The long-term shareholders of Unitrust Insurance Co. Ltd want the company to benefit from the pan-African expertise of SAHAM Finances, to become a reference point in the Nigerian insurance market by 2019. With this acquisition, SAHAM Finances is happy to have found a worthy and well established local partner whose business is driven by high ethical standards and professionalism, the Managing Director of SAHAM Finances, Mr Raymond Farhat said. According to him, Nigeria is a very big potential market.

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