NEM, AFIG become partners following 30% controlling stake acquisition

FOLLOW ING THE EXIT of the VFD group as a majority shareholder in NEM Insurance Plc, the insurance firm has secured the interest of a Dakar based fund management company known as Advanced Finance and Investment Group (AFIG) Funds.

According to NEM, AFIG a private equity fund management company with offices in Senegal and South Africa, recently bought 29.9 percent stake in the company from existing shareholders, making it the largest shareholder in the insurance firm.

NEM in its notification of the transaction to the Nigerian Stock Exchange also disclosed that the development 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.

The notice signed by Olajumoke Phillip-Akede the company secretary/legal adviser quoted Tope Smart, NEM Insurance group managing director as saying that the acquisition came at the right time.

He added 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, Papa Ndiaye the CEO of AFIG Funds, said his company was happy to invest in NEM Insurance because of its growth trajectory over the years.

Also commenting, Kelechi Okoro, the Director of Investments at AFIG Funds, said both parties had engaged in discussions over the last several years before agreeing to