Norrenberger Purchases A 60% Share In Infrastructure Bank

The Central Bank of Nigeria (CBN) approved the transaction over the weekend, according to Alhaji Ibrahim Aliyu, Chairman of the Norrenberger Group, who announced the completion of the deal, which started in 2019. He also noted that the deal adhered to established protocols and the necessary regulatory procedures.

He claims that the first Public-Private Partnership (PPP) spectacle of change and innovation in the infrastructure finance space in Nigeria was made possible by the entrance of private money into TIB Plc’s equity as permitted by its founding Act.

He characterized the deal as a significant step forward for Norrengerger’s strategic infrastructure objective and promised that the company would use the acquisition to open up new opportunities and boost its growth prospects for the good of all parties.

According to its founding Act, he claimed the bank’s responsibility to raise and manage funds for national infrastructure development projects.

Aside from offering tailored financial solutions for projects in its priority sectors—namely, transportation, power & renewable energy, mass housing and district development, urban infrastructure, and municipal finance projects—he added that the company will also contribute its experience to the discussion of development strategy, along with the drafting of related policies and guidelines.

According to Aliyu, the Urban Development Bank of Nigeria Plc, formerly known as the Infrastructure Bank Plc, was created in 1992 by Decree 51 as Urban Development Bank Ltd. with the purpose of promoting the quick development of infrastructure throughout the nation.

According to him, the bank is a privately run, but government-sponsored Development Financing Institution (DFI), whose prior ownership structure included the Nigeria Labour Congress, the three levels of federal, state, and local government, as well as the private sector block.

Alhaji Lamis Dikko, the chairman of The Infrastructure Bank, described the deal as a “win-win” for the Norrenberger group, the selling shareholders, the remaining shareholders, and the Nigerian infrastructure sector in particular at a time when the nation is struggling with a significant infrastructure deficit.

“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.”

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