AFIG Funds Acquires Largest Stake in NEM

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Advanced Finance and Investment Group (AFIG) Funds has acquired 29.29 per cent largest equity stake in NEM Insurance Plc.

AFIG Funds, an African private equity fund manager, acquired the shares from existing shareholders of the insurance company.

Group Managing Director, NEM Insurance Plc, Mr Tope Smart, said the AFIG Funds investment was a product of several years of constructive engagement and the strategic internal decision to partner with a long-term institutional partner.

He said the partnership with AFIG Funds will accelerate the realisation of the insurance company’s growth ambitions within Nigeria and across the continent.

“We are confident this will be a fruitful and mutually rewarding partnership,” Smart said.

Director of Investments, AFIG Funds, Mr Kelechi Okoro said the new core investor has confidence in the management of NEM, citing its growth trajectory over the year.