Senegalese financier Ndiaye holds $18M stake in NEM Insurance

Papa Madiaw Ndiaye, a Senegalese financier and renowned African private equity investor, has built a significant equity position in NEM Insurance Plc, one of Nigeria’s largest providers of non-life insurance solutions, alongside his chairmanship status in Ecobank Transnational Inc.

The Dakar-born financier holds 749.96 million indirect shares in NEM Insurance, valued at N24.34 billion ($18.1 million), underscoring his strategic exposure to Nigeria’s growing insurance sector.

Building influence across African finance

Ndiaye is the founder and chief executive officer of Advanced Finance and Investment Group (AFIG), an African-owned private equity firm established in 2005. Through AFIG, he has deployed capital across West, Central, and East Africa, backing high-growth companies in financial services, infrastructure, and industrial sectors.

His appointment as chairman of Ecobank Transnational in June 2024 followed the retirement of Alain Nkontchou, marking a leadership transition at one of Africa’s largest banking groups, which operates in more than 30 countries and serves over 30 million customers.

Extensive global and institutional experience

Before founding AFIG, Ndiaye built a global finance career spanning institutions such as International Finance Corporation, JPMorgan Chase, and Salomon Brothers. At IFC, he played a key role in investments and financial sector development across Africa between 1996 and 2000.

He also served as special advisor on economic and financial affairs to former Senegalese President Abdoulaye Wade, further cementing his influence at the intersection of policy and capital markets.

Strategic bets on Africa’s growth sectors

Through AFIG Funds, Ndiaye has led investments in several African companies, including financial institutions and industrial firms, with NEM Insurance among the notable portfolio holdings. His firm’s funds, spanning over 30 African countries, focus on scaling businesses into regional and global players.

Ndiaye’s stake in NEM Insurance highlights rising investor confidence in Nigeria’s insurance industry, which remains underpenetrated but offers significant long-term growth potential as economic activity expands and risk awareness deepens. He is set to earn about N1.13 billion ($833,957) from his 14.94% stake, based on a proposed N1.5 per share dividend for FY 2025. The total dividend payout is N7.5 billion ($5.56 million), a 150% increase from N3 billion ($2.23 million) in the previous year.