NEM Insurance Plc, NEM Insurance's share capital, NAICOM

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).

About AFIG 

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.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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