A Nigerian debt and equity capital markets investment firm, Zedcrest acquires RMB Nigeria Stockbrokers in deal thought to be worth ₦400 million, according to a person familiar with the proceedings.
The acquisition comes as Zedcrest looks to expand its services and give its clients access to Nigeria’s equity market, which gained 45% last year (a 26% increase from 2022) despite inflation, exchange rate challenges, and the delisting of major companies. This growth was spurred by government policies and strong quarterly performances by companies.
“RMB Nigeria Stockbrokers’ expertise in stockbroking, when combined with our comprehensive financial solutions, will enable us to deliver even greater value to our clients,” Adedayo Amzat, the CEO of Zedcrest Group, said. The acquisition will see RMB Nigeria Stockbroker Ltd rebrand as Zedcrest Securities.
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In 2024, the market has remained resilient even as foreign exchange volatility and a weakened business environment have impacted consumer goods. In the first quarter, foreign investors withdrew more money than they invested in the market as Nigeria’s macroeconomic conditions worsened from the previous year and reached a three-decade low.
“We are excited about the opportunities this acquisition presents and look forward to a promising future. We assure our clients that this transition will be seamless and that their interests remain our top priority,” Layi Olaleru, CEO of RMB Nigeria Stockbrokers, said.
