Rosemary Iwuala
Norrenberger, an integrated financial services group, has taken an equity stake of 60 per cent in The Infrastructure Bank (TIB), having concluded the acquisition arrangement which began in 2019.
The integrated financial services group, Norrenberger, made this known in a statement.
Alhaji Ibrahim Aliyu, The Chairman, Norrenberger Group, stated that the Central Bank of Nigeria (CBN) has approved the acquisition of a 60 per cent controlling stake in the bank on Friday March 10, 2023.
The chairman noted that the transaction followed the established protocols and the regulatory procedures.
He added that the admission of private capital in TIB Plc’s equity which was 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.
According to him, 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 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, and the Private Sector block,” he added.
He also added that as a group, the takeover marks a milestone toward Norrengerger strategic infrastructure mission, just as it looked 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 general.
“In line with its establishing Act, the Bank has the mandate to raise and manage funds for infrastructure development projects in the country.
However, the Bank provides custom-made financial solutions to projects in its focus sectors namely Transportation, Power & 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”, he maintained.
Also responding, Alhaji Lamis Dikko, the chairman of The Infrastructure Bank, said: “we are looking forward to a brighter future as part of the Norrenberger group.
In his words: “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.”
Norrenberger is a leading, independent financial services Group in Nigeria which provides bespoke financial solutions to its individual and institutional clients.
