EFG Hermes, a financial services corporation in frontier and emerging markets (FEM), has entered into a definitive sale and purchase agreement (SPA) to acquire 100% of Primera Africa, a top-ranked brokerage house in Nigeria, according to a press statement on Thursday.
The statement said that EFG Hermes will utilise its presence in Nigeria to serve both global and domestic investor appetite for opportunities in Africa’s largest economy.
“Nigeria will also serve as a hub for expansion into West Africa, as EFG Hermes’ office in Kenya now does for the other side of the continent,” the statement read.“Primera Africa already offers a comprehensive suite of brokerage and research services to domestic and international investors from its headquarters in Lagos, Nigeria.”
Upon completion of the acquisition, Primera Africa will operate under EFG Hermes’ brand name, bringing to the Nigerian market a track-record that has spanned more than 30 years of offering best-in-class financial services, award-winning research, and a large network of investors who consistently seek compelling opportunities in high-growth markets.
EFG Hermes Holding Group Chief Executive Officer Karim Awad said that Nigeria is EFG’s fourth direct entry as it continues its strategy of expanding the corporation’s geographic footprint in high-potential, frontier emerging markets.
“At the close of this transaction, we will have a direct presence in 12 jurisdictions on four continents to serve our global institutional investors, regional high-net-worth individuals, and local retail investors,” noted Awad.
Over the past 12 months, EFG Hermes has directly entered Pakistan, Kenya, and Bangladesh, in addition to receiving recent regulatory approval from the FCA to operate in the United Kingdom out of its London office.