African private equity fund manager Advanced Finance and Investment Group, through one of its funds, has acquired 29.9% of Nigeria-based NEM Insurance PLC's shares from certain existing shareholders.

Advanced Finance is now the largest shareholder in NEM Insurance.

CardinalStone Partners Ltd. and Koya Kuti Solicitors served as financial and legal advisers, respectively, to NEM Insurance. PWC Nigeria and Banwo & Ighodalo acted as transaction advisers to Advanced Finance.

NEM Insurance is a nonlife insurance company that has operated in Nigeria for more than 60 years, and more recently in Ghana.