The Board of Directors of NPF Microfinance Bank Plc has appointed Adegbuyi, Samuel Damilola CP (Rtd), as the company’s Chairman.
This was contained in the company’s notice to the Nigerian Exchange Limited (NGX) seen by Nairametrics.
The appointment follows the resignation of Barr. Salihu Argungu Hashimu is a Director and Chairman of the Board of the company.
According to the statement, the appointment was effective from 13th, June 2024.
The statement reads:
“NPF Microfinance Bank Plc (the Bank) wishes to notify Nigerian Exchange Limited (NGX), its shareholders, and the investing public of the resignation of Barr. Salihu Argungu Hashimu as a Director and Chairman of the Board of NPF Microfinance Bank Plc effective from 13th June 2024 following his recent appointment as the Chairman of the Police Service Commission.
The Board of Directors of the Bank at its meeting held on June 13, 2024, subsequently appointed Mr. Adegbuyi, Samuel Damilola CP(Rtd), as the Chairman of the Board of the NPF Microfinance Bank Plc with effect from 13th June 2024”.
Profile of Adegbuyi, Samuel Damilola
Adegbuyi, Samuel Damilola (Rtd) was among the four Non-Executive Directors recently appointed by the company.
He holds a BSc in Business Administration from Livingston University, Livingston, Alabama, USA (1981).
He started his career with the Nigeria Police Force in 1984 and served in various capacities in the Police Force. He retired as Commissioner of Police in the year 2014. He was born on 13th February 1957 and hails from Ogun State.
The bank’s latest financial performance
- NPF Microfinance Bank Plc reported earnings results for the fourth quarter ended December 31, 2023, with gross earnings of N3.039 billion from N2.433 billion in 2022, representing an increase of 24.91%.
- The company reported net interest income rose to N2.483 billion compared to N1.932 billion a year ago, representing a growth of 28.52%.
- The company reported profit before tax of N449 million during the period under review from N471 million in 2022, amounting to a drop of 4.67%
- Profit after tax stood at N54.81 million in the fourth quarter, compared to N243 million a year ago, accounting for a decline of 77.44%.
- The microfinance bank’s fee and commission income declined by 8.43% to N228 million in 2023 from N249 million in 2022.
- NPF Microfinance Bank Plc closed its last trading day on Thursday, June 20, 2024, at N1.65 per share on the Nigerian Stock Exchange (NGX).
- NPF Microfinance began the year with a share price of N1.94 but has since lost 15% off the price valuation.