FSDH Merchant Bank (FSDH), a financial services group in Nigeria, has announced that Advanced Finance and Investment Group (AFIG Funds), a leading African private equity fund manager has, through the Atlantic Coast Regional Fund (ACRF), completed an investment in the bank.
By this development FSDH becomes an AFIG portfolio company.
In a statement released late Thursday, the bank said the investment by AFIG is a demonstration of the faith the funds have in the prospects of the Nigerian economy.
“We 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 Funds’ 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,” Hamda Ambah, managing director of FSDH Merchant Bank said.
Papa Madiaw Ndiaye, CEO of AFIG Funds said they are investing in FSDH because of its long track record and exciting growth prospects.
“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 bank’s management, the board of directors, and the other shareholders to support the bank in achieving its ambitious objectives,” he said.
FSDH Merchant Bank (FSDH) is a leading and diversified merchant banking group in Nigeria. Incorporated in 1992, FSDH operated as a discount house for 20 years, underwriting fixed income securities, including government and corporate bonds, before obtaining its merchant banking status in 2012.
The Bank’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.
AFIG Funds on behalf of Atlantic Coast Regional Fund (ACRF) invested in FSDH in 2016. It has two funds under management, the Atlantic Coast Regional Fund and AFIG Fund II through which it makes growth equity investments across a diversity of sectors. It is focused on West, Central and East Africa. AFIG Funds is registered in Mauritius with an office in Dakar, Senegal.
Frontpage September 17, 2019