One of the financial services group in Nigeria, FSDH Merchant Bank Ltd, recently revealed that Advanced Finance and Investment Group (AFIG Funds), a leading African private equity fund management company has, through the Atlantic Coast Regional Fund (ACRF), completed an investment deal it.
According to a statement released by the company, the Chief Executive Officer, AFIG Funds, Mr. Papa Madiaw Ndiaye, expressed his delight over the investment stating that: “We are pleased to become a shareholder in FSDH, a well-established financial services group in Nigeria with exciting growth prospects, and a long track record of strong performance. We look forward to working with the Bankâ€™s management, the board of directors, and the other shareholders to support the Bank in achieving its ambitious objectives.”
Also, the Managing Director, FSDH Merchant Bank, Ms. Hamda Ambah commented: â€œWe are delighted to welcome AFIG Funds as a shareholder of the Bank. We have built a strong relationship with the AFIG Funds team over time, and most recently in the context of this transaction. We believe that the Bank stands to benefit from AFIG Fundsâ€™ extensive experience investing in financial institutions across Africa. Importantly, we welcome their faith in the prospects of the Nigerian economy, backed by their experience identifying opportunities and investing in Nigeria and across the continent.â€
She added: â€œFSDH provides an array of services including merchant banking, corporate banking, investment banking, asset management and pension fund management. The Bankâ€™s success through the years has been spurred by top quality service anchored on best practice governance, from the shareholders to the board of directors, which stands out by any standards across emerging markets.”