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Actis invests $134m in Nigerian Diamond Bank11/06/2007. Source: AltAssets. 
 Emerging markets private equity investor Actis has led a $134m investment into Nigerian bank Diamond Bank. Actis has acquired a 19.1 per cent stake in the business.
Diamond Bank is publicly quoted on the Nigerian Stock Exchange and was founded in 1991. It has 117 branches across Nigeria and the Republic of Benin.
This investment comprises Actis's two pan-African private equity funds (Actis Africa Fund 2 and the Canada Investment Fund for Africa, which is jointly managed with Cordiant) together with additional investment from CDC, the UK government-backed private equity emerging markets fund of funds investor and an anchor investor in Actis's funds.
Simon Harford, head of Actis in West Africa, said, 'Diamond Bank is a
well-established bank with exciting growth prospects. It has an impressive management team that is demonstrably operating to high standards of corporate governance - a key differentiator for sustained growth which we believe will contribute enormously to the robust expansion of the Nigerian private sector. We look forward to working with management to create value for all its shareholders as the bank enters the next stage in its development.
'This investment reinforces our commitment to Nigeria. Under president Obasanjo's leadership, the country made remarkable macroeconomic progress. We remain positive about the prospects for continuing healthy progress under the new administration of president Yar'Adua. Actis has long operated in Nigeria and we
intend to continue playing whatever part we can in supporting the successful development of the nation and the wider West Africa region,' Harford added.
In Nigeria, Actis has recently also made new investments in the oil and gas and consumer goods sectors.
Actis has $3.4bn of funds under management.
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