NPF Microfinance Bank seeks N3bn capital

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Managing Director/ Chief Executive, NPF MfB Plc, Mr. Akinwunmi Lawal

The NPF Microfinance Bank Plc says it plans to raise N3bn through a rights issue and initial public offering.

According to the bank, the additional capital will be used to increase its capital base and boost its branch network.

The Chairman, NBP Microfinance Bank, Usman Baba said the bank would issue new shares to the public in the fourth quarter of this year.

On the bank growth plans, he said, “We shall improve on existing technology and payment system as well as provide more excellent customer service. Our strategic plan is on course and our resolve to deliver long-term value to our shareholders remains unshaken.”

Baba told the shareholders that the bank total asset rose by 20 per cent to N10bn in 2014 from the N8.7bn it declared in 2013.

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