- The NPF Microfinance Bank Plc on Thursday said it has concluded plans to raise additional N3 billion from the Nigerian capital market by way of rights issue and public offer.
- Mr Usman Isa Baba, the Chairman of the bank, made the disclosure at the company’s 21st Annual General Meeting (AGM) in Lagos.
- Baba said that the offer would open before the end of the fourth quarter of 2015.
- Addressing shareholders, he said that proceeds from the offer would be deployed to shore up the capital base and ensure that the bank remained highly capitalised to transact more businesses.
- Baba said that part of the funds would be used for branch expansion to major commercial cities in the country to boost operational profit.
- He said that the bank would improve on the existing technology and payment system.
“Our strategic plan is on course and our resolve to deliver long term value to our shareholders remains unshaken.
“We have proposed that more shares be issued for subscription to the public before the end of the fourth quarter of 2015,” Baba said.
- He called on both the existing and prospective shareholders to subscribe to the offer for enhanced returns.