Shareholders approve N3bn share capital for MFB

Shareholders of the Nigeria Police Force, NPF, MicroFinance Bank Plc have urged an increase of the bank’s authorised share capital to N3 billion from N2 billion with the creation of additional two billion shares.
News Agency of Nigeria, NAN, reports that the shareholders gave their approval at the bank’s 20th Annual General Meeting, AGM, held in Lagos.
Under the approval, the company’s new authorised share capital stood at three billion divided into six billion ordinary shares of 50k.
The shareholders also approved N228.7 million as dividends for 2013, or 10k per share.
President, Progressive Shareholders Association of Nigeria, PSAN, Mr. Boniface Okezie, commenting on the outcome of the AGM, commended the company for sustainable growth.
Okezie told NAN on Friday that the company had maintained a steady dividend profile since its listing on the Nigerian Stock Exchange on Dec. 1, 2010.
He also urged the board and management of the company to maintain the growth and create value for shareholders in the future.
Another shareholder, Mr. Solomon Akinsanya, lauded the outgoing Chairman of the bank, Mrs. Florence Adebanjo, for her achievements in the past nine years. Akinsanya said that the company should compensate the shareholders with dividend bonus.
Mr. Moses Igburude, a member, Independent Shareholders Association of Nigeria, ISAN, advised the bank to embark on branch network expansion to improve its revenue generation capacity.
Igburude said that the bank should ensure compliance in all its operations to avoid sanction by the regulators.
The banks’ chairman, Mrs. Florence Adebanjo, said that the board and management would focus on efficient service delivery to increase its customer base.
Adebanjo said that the company’s practises would be anchored on good corporate governance and robust risk management.
She told NAN the bank was well positioned to offer competitive returns to shareholders on a sustained basis.
Adebanjo said that the bank would redirect its focus to increase micro finance activities by tailoring its services and delivery channels through improved technology that would meet clients’ needs.
She added that the bank would in the next three years provide a platform for financial inclusion that target clients and maintain a healthy portfolio.
Adebanjo said that the bank would increase efficiency, productivity and remain a financially sustainable in the nation’s micro finance sub-sector.