Norrenberger completes takeover of Infrastructure Bank

Norrenberger has completed the acquisition of a 60 per cent controlling equity stake in the Infrastructure Bank, marking a significant move in efforts to foster rapid development of infrastructure across Nigeria. This strategic acquisition comes as part of Norrenberger's plan to expand its presence in the infrastructure space and complement its existing financial services offerings in the country. Tijani Oladipupo, the Head of Norrenberger Advisory Partners, sat down with CNBC Africa to shed light on the implications of this acquisition. Oladipupo emphasized that the acquisition is a key milestone in Norrenberger's growth strategy, allowing the company to strategically position itself as a major player in the infrastructure financing sector. The Infrastructure Bank, with its mandate to raise and manage funds for infrastructure projects in Nigeria, aligns well with Norrenberger's business objectives and will enable the company to address the significant infrastructure deficit in the country. The collaboration between Norrenberger and the Infrastructure Bank is set to drive reforms and spur innovation in infrastructure financing, offering new avenues for public-private partnerships that can accelerate infrastructure development. Oladipupo highlighted the pressing need for investment in various sectors such as transportation, energy, ICT, healthcare, and real estate to bridge the substantial infrastructure gap in Nigeria. With a focus on innovation, Norrenberger aims to introduce new financial products and solutions to support infrastructure development and enhance the quality of life for Nigerians. Looking ahead, Norrenberger plans to capitalize the Infrastructure Bank and roll out a series of projects, including the Lagos Expressway Corridor and the Lagos Mass Transit Rail Scheme. These initiatives are poised to address critical infrastructure needs and contribute to economic growth in the region. In terms of financial goals, Norrenberger anticipates substantial growth in its bottom line and aims to become one of the top non-banking financial services companies in Nigeria within the next five years. With this acquisition, Norrenberger is well-positioned to drive positive change and make a lasting impact on infrastructure development in Nigeria.