Rand Merchant Bank Nigeria Limited (RMB Nigeria), a top player in Nigeria’s financial sector, has once again shown why it is considered a powerhouse in corporate and investment banking across Africa. The bank recently received major recognition from DealMakers AFRICA for its outstanding role in key investment transactions across West Africa.
In particular, RMB Nigeria was honoured for its lead advisory role in the exit of CardinalStone Partners from iFitness, a leading fitness and wellness brand in Nigeria. This transaction involved Verod Capital Management, a well-known private equity firm, which stepped in as the new investor in iFitness. According to RMB, the deal highlights their strong capacity to manage complex private equity exits and support high-impact transactions in the West African market.
This recognition was announced in a statement issued by the bank on Sunday. The bank stressed that such achievements underline its commitment to supporting investment activities that bring real value to the region’s economy. The successful iFitness deal is seen by many in the financial sector as a clear example of the increasing maturity of Nigeria’s private equity and fitness markets.
Beyond this, RMB Nigeria received two additional rankings from DealMakers AFRICA: it was named the number one Mergers & Acquisitions Financial Adviser by Deal Flow, and number two by Deal Value. These rankings further solidify the bank’s reputation as a go-to institution for high-stakes corporate transactions in West Africa.
In another show of strength, RMB Nigeria was also nominated for the prestigious “Deal of the Year” award. This was for its advisory role in helping Chappal Energies acquire Equinor’s Nigerian business—a major transaction in Nigeria’s oil and gas sector. The Equinor deal is widely seen as one of the most significant energy transactions in recent times, as it marks the exit of a major international oil company and the expansion of a local energy player.
The bank’s Chief Executive Officer, Mr. Bayo Ajayi, expressed his pride in the team’s performance. He said, “We are deeply honoured to receive the award for Private Equity Deal of the Year 2024 and the duo rankings recognitions. These accolades are a testament to the strength and depth of RMB’s advisory platform and our unwavering commitment to delivering value-driven solutions for our clients.”
Mr. Ajayi further explained that RMB is focused on helping clients unlock investment opportunities that promote growth across the continent, especially in countries like Nigeria that are in dire need of private capital to support economic development.
Also speaking on the recognitions, Mr. Chidi Iwuchukwu, who serves as Executive Director and Head of Investment Banking at RMB Nigeria and RMB Broader Africa, noted that the bank’s success comes from its strong team spirit and deep understanding of the African investment environment. He said, “We are thrilled to have been trusted by our clients to advise on some of the region’s most strategic transactions. From private equity exits to large-scale energy acquisitions, these achievements highlight the technical competence, collaborative spirit, and deep market insight of our advisory franchise.’’
Industry watchers believe that RMB’s growing list of awards and recognitions is proof of the bank’s increasing influence in shaping investment decisions and business direction across Nigeria and Africa at large. The bank continues to be a preferred partner for local and international companies looking to navigate complex transactions in emerging markets.
With an eye on long-term growth, RMB Nigeria is expected to continue playing a key role in the investment and corporate banking space, supporting transactions that not only bring returns to investors but also contribute meaningfully to economic development across the region.
