AfricInvest will acquire an undisclosed minority stake in Nigerian Elephant Group, an agricultural commodities trader.
The investment will enable Elephant Group who trade in fertiliser, rice, and and palm oil to expand their operations to increase their local and regional market share and also expand into international markets. Elephant Group state that AfricInvest’s funds will ‘allow Elephant Group to transform from an indigenous agricultural commodities company in Nigeria to a vertically integrated pan-African player.
This transaction will be the first ever private equity investment in the Nigeria agricultural commodities sector and we view it as a strong vote of confidence in the company’. Source: Africa Assets