[Nigeria] FSDH Merchant Bank announces investment by AFIG Funds
FSDH Merchant Bank, a financial services group in Nigeria, 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.
"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," Mr. Papa Madiaw Ndiaye, CEO of AFIG Funds said of the investment.
FSDH provides an array of services including merchant banking, corporate banking, investment banking, asset management and pension fund management. 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.
Ms. Hamda Ambah, the Managing Director of FSDH Merchant Bank said: "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."