In a notice sent to the Nigerian Stock Exchange yesterday, NEM Insurance Plc stated that the AFIG funds, a private equity firm had bought a 29.9% stake in the company.
AFIG is now the largest individual shareholder in the firm, and made the investment through AFG Funds II.
Nairametrics had last week reported that VFD Group and some key stakeholders had sold their stake in NEM Insurance Plc amounting to 1.6 billion shares.
NEM Insurance closed at N2.26 in yesterday’s trading session on the Nigerian Stock Exchange, up 9.71%.
Results for the half year ended September 30, 2018 show gross premium written increased from N11 billion in 2017 to N12 billion in 2018. Profit before tax dipped slightly from N2 billion in 2017 to N1.89 billion in 2018. The drop in profit before tax was however minute, moving from N1.69 billion in 2017 to N1.6 billion in 2018.
The company was in October last year fined N575,000 and removed from the NSE’s corporate governance index. This followed a petition by some shareholders, that they had not been given adequate notification pertaining to an Annual General Meeting (AGM).
Advance Finance and Investment Group (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.