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The Chief Executive Officer of NEM Insurance, Tope Smart has revealed CardinalStone Partners Limited played a significant role in the equity investment deal with AFIG Funds LLP some days back.

Smart said CardinalStone was instrumental in the process, commending their commitment and professionalism during the negotiation period. The deal makes AFIG Funds the largest shareholder in NEM Insurance, which became a quoted company on NSE in 1989 following its privatization by the Federal Government of Nigeria.

“CardinalStone was very instrumental in spearheading an efficient process that ultimately paired NEM with the ideal partner. Their commitment and demonstrated professionalism in negotiating and managing the transaction was highly commendable”.

CardinalStone’s statement after AFIG deal

While reacting to CardinalStone’s role in securing a suitable growth partner for NEM Insurance, the Managing Director of CardinalStone, Michael Nzewi said this partnership with AFIG Funds will accelerate the penetration of insurance in Nigeria.

“We are honoured to have assisted NEM to secure a suitable growth partner as it embarks on its next phase of growth. We believe that this strategic partnership will serve as a major catalyst in driving the ongoing penetration of insurance in Nigeria and will provide NEM with the right platform to continue delivering exceptional service and quality products to its customers”.

AFIG Funds deal

Leading African private equity fund manager, Advanced Finance and Investment Group, AFIG Funds completed an investment in NEM Insurance, acquiring 29.9 per cent of the company’s shares from some existing shareholders of the Company through AFIG Fund II.

NEM Insurance profile

NEM Insurance is a major leader in the Nigerian insurance industry having started business in Nigeria in 1948 as Edward Turner & Co. The non-life insurance company became a quoted company on the Nigerian Stock Exchange in 1989 following its privatization by the Federal Government of Nigeria.

CardinalStone Profile

CardinalStone Capital Advisers (CCA) is a Private Equity Investment Adviser operating out of Lagos Nigeria. Established in 2016, CCA is a spin-off from CardinalStone Partners, an independent investment banking firm in Nigeria. Prior to the spin-off, the CCA team operated as the Principal Investments Division of CardinalStone Partners. CCA invest in high potential SMEs that can grow into a leader in their various sectors that are deemed strategic to the development of Nigerian and regional West African economies.

AFIG Funds LLP Profile

Advanced Finance & Investment Group LLC (AFIG Funds) is a private equity fund management company founded in 2005 in Mauritius with branches in Dakar (Senegal), Johannesburg (South Africa), and Washington D.C. (United States). AFIG Funds seeks to create a new paradigm for African private equity investing by mobilizing substantial local private capital alongside international private investors and development finance institutions in investment vehicles managed by experienced African private equity professionals with a heavy emphasis on value addition beyond financial contributions.


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