NEM Insurance is set to expand its operations- GMD

The Group Managing Director, NEM Insurance Plc, Mr Tope Smart, on Saturday said the company was set for new phase of growth.

Smart told journalists in Lagos that the insurance firm was set to expand operations and evolve more insurance policies.

According to him, this followed the 29.9 per cent acquisition of NEM’s shares by Advanced Finance and Investment Group (AFIG Funds) from some shareholders.

NEM had on Jan.18 said AFIG Funds had completed an investment in the company by acquiring 29.9 per cent of its shares from some shareholders.

“The transaction made AFIG Funds the largest shareholder in NEM and marks the commencement of a strategic partnership between AFIG Funds and NEM.

“AFIG Funds is a leading African private equity fund manager that focusses on growth of profitable and growing companies in Africa and beyond,” Smart said.

He added that the transaction would facilitate NEM to embark on its next growth phase as a top-tier player within the insurance industry by evolving best cross-border insurance products.

According to him, NEM is delighted to welcome AFIG Funds as a significant shareholder at such an exciting time in the company’s evolution.

He, however, explained that the partnership was the outcome of several years of constructive engagement as well as a thorough internal strategic process to engage the best long-term institutional partner for NEM.

“We look forward to continue benefiting from AFIG Funds’ extensive investment in strong African companies, particularly in financial institutions.

“We believe this partnership will accelerate our growth ambitions within Nigeria and across the continent,” Smart said.

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