Norrenberger, a financial services group, has taken over a controlling equity stake of 60 per cent in The Infrastructure Bank (TIB).
The group said on Tuesday that the take-over followed a concluded acquisition arrangement which began in 2019.
The Chairman of Norrenberger Group, Alhaji Ibrahim Aliyu, said through a statement that 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 added that 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. It has the mandate to foster the rapid development of infrastructure across the country. The bank will also lend its expertise to contribute to the 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”, adding that the new umbrella which the bank would be operating would be a springboard for them.
