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Investment firm acquires controlling stake in Infrastructure Bank
From Abubakar Yunusa ABUJA
An investment firm, Norrenberger group, has taken over a controlling equity stake of 60 per cent in The Infrastructure Bank.
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The process of acquiring the majority stake in TIB started in 2019.
In a statement made available to journalists, the Chairman, Norrenberger Group, Ibrahim Aliyu, stated that the Central Bank of Nigeria approved the acquisition of 60 per cent controlling stake in the bank on Friday March 10, 2023.
He noted that the transaction followed established protocols and the necessary regulatory procedures.
About the deal, Aliyu 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 Ltd. with the mandate to foster the rapid development of infrastructure across the country. The Bank is a private sector-led, but Governmentsponsored Development Finance Institution, whose previous ownership structure comprises the three tiers of Government (Federal, State and Local Governments), the Nigeria Labour Congress, 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 general public.”
Responding, the Chairman of The Infrastructure Bank, 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.”
