AFIG realises 29% shareholding in NEM Insurance

An African private equity fund manager, Advanced Finance and Investment Group funds (AFIG) has realized 29.9 per cent shareholding in NEM Insurance Plc. This transaction now makes AFIG Funds the largest shareholder in NEM and marks the commencement of a strategic partnership between both, as the Company embarks on its next growth phase as a top-tier player within the Nigerian Insurance Industry. In a notice to the Nigerian Stock Exchange last week, signed by the Company Secretary/Legal Adviser, Olajumoke Philip-Akede said that AFIG Funds acquired the shares from some existing shareholders by completing its investment through the AFIG Fund II. AFIG is a private equity fund management company with two funds under management: the Atlantic Coastal Regional Fund and Afig Fund II. AFIG portfolio companies in Nigeria include FSDH and PAL Pensions. The Group Managing Director, NEM Insurance, Mr. Tope Smart, said that “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. “We look forward to continuing 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.” Smart noted. The Director, Investments, AFIG Funds, Mr. Kelechi Okoro, also stated that AFIG had through its engagement with NEM over the last several years, observed the company’s strong trajectory and developed confidence in the management team’s ability to seize growth opportunities in the increasingly competitive landscape. Further commenting, The Chief Executive Officer, AFIG Funds, Mr. Papa Ndiaye, noted, “We are excited about our partnership with NEM Insurance and the Company’s strong growth prospects. “NEM is one of the fastest-growing, best-capitalized and most consistently profitable underwriters in Nigeria. “Our decision to invest in NEM during an election year in Nigeria, which is a time when foreign investors tend to shy away from emerging markets, is a testament to our strong belief in the prospects of the Company and in the resilience of the broader economy.” Motolani Oseni