Advanced Finance and Investment Group (AFIG Funds) through the Atlantic Coast Regional Fund (ACRF), has completed an investment in FSDH Merchant Bank, a financial services group in Nigeria. 

Papa Madiaw Ndiaye, CEO of AFIG Funds, said: “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,” he added.

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. 

Hamda Ambah, 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."

AFIG Funds has also recently completed an investment in First Atlantic Bank, a Ghanaian financial institution.