The Advanced Finance and Investment Group, AFIG, has acquired 29.9 percent shares in Nem Insurance from some existing shareholders of the company.
AFIG Funds, an African private equity fund manager, through AFIG Fund II, completed the investment in Nem Insurance.
According to a statement from the company, the transaction now makes AFIG Funds the largest shareholder in Nem, and marks the commencement of a strategic partnership between AFIG Funds and Nem, as the company embarks on its next growth phase as a top-tier player within the Nigerian insurance industry.
Group Managing Director of Nem Insurance, Mr. Tope Smart, said “We are delighted to welcome AFIG Funds as a significant shareholder in Nem at such an exciting time in the company’s evolution. This 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 the best long-term institutional partner for our company.
We look forward to continue to benefit from AFIG Funds’ extensive experience investing in strong African companies particularly in financial institutions. We believe this partnership will accelerate the realization of our growth ambitions within Nigeria and across the continent. We are confident this will be a fruitful and mutually rewarding partnership.”
Also commenting Mr. Kelechi Okoro, Director of Investments at AFIG Funds, said: “Through our engagement with NEM over the last several years, we have had the opportunity to observe its solid trajectory and to develop confidence in the management team’s ability to seize growth opportunities in the country.”