(Adds CEO comment, details)
JOHANNESBURG Feb 24 South Africa's Liberty
Holdings will acquire a 75 percent stake in a Nigerian
long-term insurer for 160 million rand ($12 million), the
company said on Friday, pursuing its strategy of expanding in
Liberty has been expanding beyond its home base to parts of
Africa, where demand is rising from a growing middle class.
Part of Liberty's strategy is to grow its presence in West
Africa through the long-term insurance business and entering the
asset management business.
"We see Nigeria as a market of the future," Liberty Chief
Executive Thabo Dloti told Reuters.
"It may be having difficulties now, but everything indicates
to us that in the long term, Nigeria is going to be a big
contributor of growth if you are doing business in Sub-Saharan
Further details of the deal were not disclosed.
Liberty, South Africa's fourth biggest insurance firm by
market value, already has presence in Nigeria through Total
Health Trust, after buying the remaining shares it didn't
already own for 142 million rand in August 2015.
($1 = 12.8950 rand)
(Reporting by Nqobile Dludla; Editing by Gopakumar Warrier and