An investment firm, Norrenberger Group, has acquired a controlling equity stake of 60 percent in The Infrastructure Bank (TIB). The process of securing the majority stake began in 2019. In a statement provided to journalists, Norrenberger Group Chairman Ibrahim Aliyu said that the Central Bank of Nigeria approved the acquisition on Friday, 10 March 2023, and that the transaction followed established protocols and the necessary regulatory procedures.
Aliyu explained that The Infrastructure Bank PLC, formerly known as Urban Development Bank of Nigeria Plc, was established in 1992 under Decree 51 as Urban Development Bank Ltd. Its mandate is to foster rapid infrastructure development across the country. The bank is a private‑sector‑led, government‑sponsored Development Finance Institution, previously owned by the three tiers of government (federal, state, and local), the Nigeria Labour Congress, and a private‑sector block.
“This takeover marks a milestone toward Norrenberger’s strategic infrastructure mission,” Aliyu said. “We look forward to leveraging this acquisition to create new opportunities and growth that will benefit Norrenberger, the infrastructure sector, and the public.”
Responding, The Infrastructure Bank Chairman Lamis Dikko expressed optimism about the future under Norrenberger’s ownership. “We are looking forward to a brighter future as part of the Norrenberger Group,” she said. “This transaction is a win‑win for everyone involved—the Norrenberger Group, the selling shareholders, the remaining shareholders, and the Nigerian infrastructure space, especially at a time when the infrastructure deficit is huge. Norrenberger has differentiated itself through excellent service delivery, and we will continue that culture. I believe the new umbrella under which The Infrastructure Bank will operate will act as a springboard for us and our mission.”
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