By Goddy Egene
Barring any last minute change in plans, the Nigerian Stock Exchange (NSE) will today (Wednesday) list Fortis Microfinance Bank(MFB) Plc.
THISDAY had last week exclusively reported the listing of the Fortis MFB, which has its head office in Abuja.
The listing will be the second this year and the second MFB to be listed on the exchange. However, the listing, it was gathered is part of a three-year strategic growth plan aimed at putting the bank at the lead of the microfinance bank industry when completed.
Part of the plan is a capital raising exercise that will fetch about N7 billion fresh funds to the Fortis MFB and the hybrid security issuance which is said to have reached advanced stage is being packaged by DEAP Capital Management and Trust Plc as the Issuing House/Financial Advisers.
According to the Managing Director/Chief Executive of Fortis MFB, Mr. Kunle Oketikun, the bank has in the past four years laid the foundation for a rapid growth aimed at positioning it at the top rung of the microfinance industry in Nigeria.
He noted that the operational strategy that underlined the foundation and success of Fortis is the professionalism and a commitment for best practices which have equally translated to consistently good performance of the company.
“Fortis Microfinance Bank Plc, since inception, has committed itself to be a microfinance bank of choice in the Nigerian financial industry. We adhere strictly to professional standards and international best practice. We have constantly achieved record pre-tax earnings, earnings per share, free cash flow and improved profit margins, with increased revenues and have continued to deliver superior returns to shareholders most importantly.”
He said the bank knew its market and how best to reach the customers and satisfy them.
“We operate at the micro level of the economy where we see very huge opportunities and we have modelled our business to exploit this opportunities to a mutual advantage with our customers,” he said.
Speaking in the same vein, Executive Director, Investment Banking/Public Sector, DEAP Capital Management and Trust Plc, Mr. Jacob Esan, said Fortis MFB was poised to be the leading microfinance institution in Africa with the ability to generate outstanding value for all stakeholders.
“The value proposition of Fortis MFB within the emergent microfinance banking space in Nigeria represents a unique opportunity for investors. For us at DEAP Capital, Fortis MFB is the latest institution we are working with in creating a pipeline of indigenous companies focused on being part of the resurgence of Nigeria as an industrial powerhouse,” he said.