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NSIA Group, a leading African insurance and banking conglomerate led by renowned businessman Jean Diagou, has announced the acquisition of four insurance subsidiaries of Sanlam Group, a South African financial services group ranked as one of the world’s most globally engaged insurance groups.
NSIA Group’s acquisition of Sanlam’s insurance subsidiaries is part of its strategic decision to strengthen its presence in West and Central Africa.
The news comes after the group took over full ownership of FBN Insurance, formerly owned by First Bank of Nigeria, a leading financial services group partly owned by Nigerian billionaire Femi Otedola.
The acquisition of the four insurance subsidiaries of Sanlam Group is expected to enhance NSIA Group’s market share in important countries such as Guinea, Congo, Gabon, and Togo. According to Diagou, the chairman of NSIA Group, the operation heralds promising prospects for all stakeholders.
“For 26 years, NSIA Group has been implementing a controlled development strategy for its activities, which has allowed the group to establish itself permanently in each of the countries where it operates,” said Diagou, who founded NSIA Group in 1995.
He added that the acquisition met two objectives: to increase the group’s market share in countries that are important for the development of NSIA and to strengthen compliance with the requirements of the regulator of the CIMA zone.
Jean Diagou has been instrumental in NSIA Group’s rapid expansion as a critical player in the financial services industry, with active operations in 12 countries in West and Central Africa.
The group also owns and operates BIAO, the third-largest bank in Cote d’Ivoire, which it purchased in 2006 and recently rebranded as NSIA Bank Cote d’Ivoire. Jean Diagou and his family own 61 percent of the business.
NSIA Banque Cote d’Ivoire has announced that it expects its balance sheet value to surpass CFA1.96 trillion ($3 billion) by 2026.
The projection aligns with the bank’s objective of increasing its assets by 11 percent in the next four years, in addition to its recent acquisition.
