By Modupe Gbadeyanka
A Mauritius fund management company known as Advanced Finance and Investment Group (AFIG) Funds has acquired the largest shareholding in Nigeria-based NEM Insurance Plc.
The private equity fund manager, which has offices in Senegal and South Africa, recently bought 29.9 percent stake in the company from existing shareholders.
Group Managing Director, NEM Insurance, Mr Tope Smart, said in a notice to the Nigerian Stock Exchange (NSE) on Thursday that the acquisition came at the right time, adding that it will accelerate the realisation of the firm’s growth ambitions within Nigeria and across the continent.
“We are delighted to welcome AFIG Funds as a significant shareholder in NEM at such an exciting time in the company’s evolution.
“The partnership with AFIG Funds is the outcome of several years of constructive engagement as well as a thorough internal strategic process to identify and engage with long-term institutional partners for our company,” he said.
On his part, the CEO of AFIG Funds, Mr Papa Ndiaye, said his company was happy to invest in NEM Insurance because of its growth trajectory over the years.
Also commenting, the Director of Investments at AFIG Funds, Mr Kelechi Okoro, said both parties had engaged in discussions over the last several years before agreeing to key into the success story of the insurer.
Adedapo Adesanya