The share purchase which was done under the auspices of AFIG Fund II makes AFIG the largest shareholder in NEM, one of Nigeria’s leading insurance group. It also marks the beginning of a strategic partnership between both parties, as NEM embarks on its next growth project as a top-tier player within the country’s insurance industry.
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Acting as financial and legal advisers to NEM, CardinalStone Partners Limited and Koya Kuti Solicitors respectively participated in the development. PWC Nigeria and Banwo & Ighodalo were transaction advisers to AFIG Funds.
With operations in the most populous black nation for more than 60 years, NEM Insurance is a non-life insurance company which has expanded operations to Ghana, more recently. By offering users all classes of non-life insurance products to individuals and corporates in Nigeria, NEM has become a household name in the country over the years.
Over the last decade, the insurance company has built a great service record that speaks highly of its delivery experience, financial performance, profitability and healthy returns to its shareholders.
In lieu of the development, Tope Smart, Group Managing of NEM Insurance, said that the company is delighted to welcome AFIG as a significant shareholder “at such a time in NEM’s evolution”. He said: “The partnership with AFIG Funds is the culmination of several years of constructive engagement, as well as through internal strategic process to identify and engage with a top-tier long-term institutional partner for our company”.
On the AFIG side of the approval, Kelechi Okoro, Director of Investments said: “Through our engagement with NEM over the last several years, we have had the avenue to observe its solid trajectory and to develop confidence in the management team’s ability to seize growth opportunities in the increasingly competitive landscape.
Advanced Finance and Investment Group has two funds under its management; the Atlantic Coastal Regional Fund and the AFIG Funds II which makes equity investments across West, Central, and East Africa’s diverse sectors.
Featured Image: AFIG Via Twitter