AfricInvest, a leading Pan-African asset management company with over 180 investments in more than 25 countries across the African continent has acquired a minority stake in Nigeria’s Royal Exchange General Insurance Company (REGIC), in a transaction valued at N3.6 billion.
The investment, made through AfricInvest evergreen private equity fund, FIVE, in the form of a subscription to a capital increase, in addition with reserve puts REGIC’s capital base above N10 billion threshold required from players in its category.
Benjamin Agili, managing director/CEO, REGIC who announced the acquisition on Wednesday said the desire to participate in more large-ticket corporate transactions, diversify existing business and product lines, as well as diversification of delivery channels, were some of the key drivers behind this push for additional working capital by REGIC. #insurance #investment
SOURCE: https://businessday.ng/insurance/article/africinvest-acquires-minority-stake-in-royal-exchange-general/
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