The rights issue, according to the resolution, may be underwritten on such terms as may be determined by directors of the bank, subject to obtaining the approvals of relevant authorities.
Shareholders also authorised that the share capital of the bank be increased from N13m made up of 24 billion ordinary shares of 50 kobo and 2 billion preference shares of 50 kobo each to N20 billion by the creation of 14 billion ordinary shares of 50 kobo each.
Speaking at the meeting, the Chairman of the bank, Mr. Gbenga Oyebode, said despite the challenging conditions in the nation’s banking sector with regulatory changes and increased competition, the bank continues to sharpen its execution skills thereby ensuring a solid platform to build on.
“I am pleased to inform you, our esteemed shareholders, that the results of the foundation laid in 2013 are already evident as seen from our recently released half year results which showed a 7 percent growth in profit after tax to N22.6bn,” he said.
He added that the bank’s mid-term strategy (2013-2018) seeks to optimize the vast opportunities existing primarily in Nigeria and also in the Sub-Saharan African region and in furtherance of its objectives of ranking as one of the top three banks in its chosen market, management has identified certain sectors and market segments as growth opportunities for the next five years.
On the proposed Rights Issue, Oyebode said the proceeds from the offer will be used to upgrade the bank’s information technology platforms to enable it provide better services, upgrade the bank’s branch networks and further improve the working environment.
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