NPF Microfinance Bank (MfB) Plc has recorded 69 percent decline in its Profit After Tax, PAT, which fell to N195.7 million in financial year ended 2018 from N631.89 million recorded in 2017. Speaking at the 25th Annual General Meeting, AGM, held in Akwa Ibom State,
Managing Director/ Chief Executive, NPF MfB Plc, Mr. Akinwunmi Lawal, said that the drop in profit was occasioned by a fraud of N266.5 million and an initial impact of International Financial Reporting Standard, IFRS 9, which took effect in the accounting year under review.
Lawal said that the fraud has been reported to the regulators and the law enforcement agencies, explaining that a total of N35.5 million has so far been recovered while the balance is still being pursued through all legal means.
He stated: “We are thus confident of recovering the money which has been fully provided for in the financial statements. Let me also add that it is normal to have an initial significant impact on an organisation’s financials with the implementation of IFRS 9.