Norrenberger, a financial services group, has taken over a controlling equity stake of 60 per cent in The Infrastructure Bank (TIB).
The group in a statement on Tuesday, said the take-over followed a concluded acquisition arrangement which began in 2019.
The statement said that the Chairman of Norrenberger Group, Alhaji Ibrahim Aliyu, said the group would leverage the acquisition to bring about new opportunities and growth.
Aliyu said the growth would be beneficial to both the group, the infrastructure space and the general public.
He said that the Central Bank of Nigeria (CBN) approved the acquisition of the 60 per cent controlling stake in the bank on March 10.
Aliyu said that the transaction followed established protocols and necessary regulatory procedures.
He said the admission of private capital in TIB Plc equity as permitted in its Act had created the first Public-Private Partnership spectacle of reform and innovation in the infrastructure finance space.
The chairman said it would also position the institution for greater engagement.
Aliyu said the bank was a private sector-led, but Government-sponsored Development Finance Institution (DFI), whose previous ownership structure comprised the three tiers of government, the Nigeria Labour Congress and the private sector.
“As a group, this takeover marks a milestone toward Norrengerger’s strategic infrastructure mission.
”TIB, formerly known as Urban Development Bank of Nigeria Plc was established in 1992 under Decree 51, as Urban Development Bank Ltd.
“It has a mandate to foster the rapid development of infrastructure across the country.
“In line with its establishing Act, the bank has the mandate to raise and manage funds for infrastructure development projects in the country.
“The bank provides custom-made financial solutions to projects in its focus sectors namely transportation, 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 said.
The statement quoted the Chairman of TIB, Alhaji Lamis Dikko, as saying “we are looking forward to a brighter future as part of the Norrenberger group”.
Dikko said the new umbrella which the bank would be operating would be a springboard for them.
“This transaction brings a win-win for everyone, the Norrenberger group, selling shareholders, remaining shareholders and the infrastructure space in Nigeria especially at a time where the infrastructure deficit is huge,” he said.
The News Agency of Nigeria (NAN) reports that Norrenberger is an independent financial services group in Nigeria which provided bespoke financial solutions to its individual and institutional clients.
The group’s subsidiary companies are licensed and regulated by key financial services regulators including the Securities & Exchange Commission, the National Pension Commission and the National Insurance Commission. (NAN)