Insurance company Sanlam, which among other things offers car and home insurance to the public, is waiting for the Nigerian authorities to give it the green light to start operations in Africa's second largest oil state.

The insurer has applied for a license to start operations in Nigeria by the beginning of next year at the latest. If all goes well, Sanlam will be joining a significant number of a companies that already have entered Africa's most populous country.

Over the past three years, various banks, life insurers and cellular network operators have entered the Nigerian market. They did so despite warnings with regards to Nigeria's image. The country hass the reputation of being one of the continent's most corrupt nations.

Frans van Rensburg, Sanlam's communications manager, said the company preferred to enter African markets by partnering with UK banks Standard Chartered and Barclays. Both these banks have a presence in Nigeria and Sanlam had also partnered with them in other African countries. Van Rensburg could not confirm whether this was going to be the case in Nigeria.

Source: Business Report