I can give a partial answer, or at least a strategy towards my question, myself. I hope that this will also put my question into the right context, and increase its chances of being answered completely. (I admit that it was not so well-formulated at the beginning.)
Let $K$ be algebraically closed of characteristic zero (for simplicity). Let $X/K$ be a separated connected algebraic $K$-scheme. Then we have $H^1(X, \mathbb{Z}/n)=Hom(\pi_1(X), \mathbb{Z}/n)$. On the other hand we have an exact sequence
$$1\to \Gamma(X, {\cal{O}}_X)^\times/n\to H^1(X, \mathbb{Z}/n)\to H^1(X, {\mathbb{G}}_m)[n]\to 1\ (*),$$
associated to the short exact sequence of etale sheaves
$$1\to \mu_n\to \mathbb{G}_m\to
\mathbb{G}_m\to 1$$
(and noting that $\mu_n=\mathbb{Z}/n$ because $K$ is algebraically closed).
Furthermore $H^1(X, \mathbb{G}_m)=Pic(X)$, the group of invertible sheaves on $X$. If $X$ is proper in addition, then $\Gamma(X, {\cal{O}}_X)^\times=K^\times$. Hence there is an isomorphism
$$Hom(\pi_1(X), \mathbb{Z}/n)=H^1(X, \mathbb{Z}/n)\cong Pic(X)[n]$$
for every connected proper $K$-scheme.
Now consider the special case where $A/K$ is an abelian variety. Then
$$Pic(X)[n]=A^\vee[n]=A[n]^\vee=Hom(A[n], \mathbb{Z}/n);$$
hence we obtain in fact a canonical isomorphism
$$Hom(\pi_1(A), \mathbb{Z}/n)=Hom(A[n], \mathbb{Z}/n).$$
This is where the "well-known" isomorphism $\pi_1(A)\cong \prod_\ell T_\ell(A)$ comes from.
(The fact that $\pi_1(A)$ is abelian has to be shown in addition.)
One also sees that $H^1(A, Z_{\ell})$ is dual to the Tate module $T_\ell(A)$ ($\ell$ a prime number).
Now let $B$ be a semiabelian variety.
I asked the above question, because I wanted to know, whether the situation is similar in the case of a semiabelian variety. For example, I wanted to know:
i) Is $Hom(\pi_1(B), \mathbb{Z}/n)$ (canonically) isomorphic to $Hom(B[n], \mathbb{Z}/n)$?
ii) Is there a useful relation between $\pi_1(B)$ and $\prod_\ell T_\ell(B)$, where $T_\ell(B)=lim_i B[\ell^i]$ is the Tate module (defined in a naive way analoguos to the proper case). Are these groups canonically isomorphic?
iii) Is there a useful relation between $H^1(B, Z_\ell)$ and $T_\ell(B)$? Is the first $\mathbb{Z}_\ell$-module canonically isomorphic to the dual of the second?
I think, this case of semiabelian varieties is somewhat different, because
$\Gamma(B, {\cal{O}}_B)^\times/n$ does not vanish any more, unless $B$ is proper.
But nevertheless these questions still make sense to me. Further comments / answers are appreciated very much.
