EFG Hermes announced it will acquire Primera Africa, a brokerage house in Nigeria.

The Egyptian investment bank did not disclose the value of the acquisition, but said it has entered into a definitive sale and purchase agreement to acquire 100 per cent of Primera Africa.

EFG Hermes will use its presence in Nigeria to serve both global and local investor appetite for opportunities in Africa’s largest economy. It will also use Nigeria as a hub for expansion into West Africa, as its office in Kenya now does for East Africa.

Upon completion of the acquisition, Primera Africa will operate under EFG Hermes’ brand name.

EFG Hermes said it is bullish on the long-term growth prospects of the consumer sector in Nigeria where it finds certain valuations “quite compelling,” and that Nigeria’s capital market is “quite attractive.”

“Nigeria is our fourth direct entry as we continue our strategy of expanding our geographical footprint in high-potential, frontier emerging markets,” said Karim Awad, EFG Hermes Holding Group chief executive officer.

At the close of this deal, EFG Hermes will have direct presence in 12 jurisdictions. Over the past year, the bank entered Pakistan, Kenya, and Bangladesh, and received regulatory approval to operate in the UK out of its London office.