CardinalStone Partners Limited acted as the financial adviser to NEM Insurance Plc on the equity investment by AFIG Funds LLP. AFIG is a private equity firm registered in Mauritius and headquartered in Dakar, Senegal.
NEM Insurance is a non-life insurance company which commenced business in Nigeria in 1948, as Edward Turner & Co. and has over several decades emerged as a leader in Nigerian insurance industry. The company became quoted on the Nigerian Stock Exchange in 1989 following its privatization by the Federal Government of Nigeria.
Speaking on the transaction, Chief Executive Officer, NEM Insurance, Tope Smart, said: “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”.
Also speaking on the transaction, Managing Director, CardinalStone, Michael Nzewi, said: “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”.
CardinalStone is one of the leading indigenous investment banking, securities and investment management firms. It provides financial advisory, capital raising, and investment management services to its clients across various sectors of the Nigerian and the broader West African region. The transaction reinforces the competence of CardinalStone to facilitate private equity transactions in Nigeria.