Norrenberger, an investor in insurance, pension and other sectors, has taken equity stake of 60 per cent in The Infrastructure Bank (TIB), having concluded the acquisition which began in 2019.
The integrated financial services group, Norrenberger, made this known in a statement.
Chairman, Norrenberger Group, Alhaji Ibrahim Aliyu stated that the Central Bank of Nigeria (CBN) approved the acquisition of 60 per cent controlling stake in the bank on March 10, 2023.
He noted that the transaction followed the protocols and the regulators.
He added the admission of private capital in TIB Plc’s equity as permitted in its establishment Act has created the first Public-Private Partnership (PPP) spectacle of reform and innovation in the infrastructure finance space in Nigeria and this would position the institution for greater engagement.
He said: “The Infrastructure Bank PLC (formerly known as Urban Development Bank of Nigeria Plc) was established in 1992 under Decree 51, as Urban Development Bank Limited with the mandate to foster the rapid development of infrastructure across the country.
The bank is a private sector-led, but government-sponsored development finance institution (DFI), whose previous ownership structure comprises the three tiers of government-federal, state and local governments, the Nigeria Labour Congress (NLC), and the private sector block.
“As a group, this takeover marks a milestone toward Norrengerger strategic infrastructure mission. We look forward to leveraging this acquisition to bring about new opportunities and growth that will be beneficial to Norrenberger, the infrastructure space and the public.
“In line with its establishing Act, the Bank has the mandate to raise and manage funds for infrastructure development projects in the country. Thus, the bank provides custom-made financial solutions to projects in its focus sectors namely transportation, power and renewable energy, mass housing and district development, urban infrastructure and municipal finance projects. The bank will also lend its expertise to contribute to discourse on development strategy, with associated policy formulation and guidelines.’’
Chairman, The Infrastructure Bank, Alhaji Lamis Dikko said: “We are looking forward to a brighter future as part of the Norrenberger group.
“This transaction brings a win-win for everyone involved, the Norrenberger group, selling shareholders, remaining shareholders and the infrastructure space in Nigeria especially at a time where the infrastructure deficit is huge.
“Norrenberger has differentiated itself through excellent service delivery, and we will continue in that culture. I believe that the new umbrella under which The Infrastructure Bank will be operating will act as a springboard for us and our mission.”