The NPF Microfinance Bank Plc has said it would raise additional N3 billion capital through rights issue and initial public offering.
The proceeds of the offer, expected to open before the end of the fourth quarter of 2015, according to the chairman of the bank, Usman Isa Baba, would be deployed to shore up the capital base and ensure that the bank remains highly capitalised.
Part of the fund would also be used to expand its branch network to major commercial cities in the country. Addressing shareholders during the 21st yearly general meeting of the bank held in Lagos yesterday, Baba said: “As part of our measures at ensuring that your highly esteemed bank remains adequately capitalised, we have proposed that more shares be issued for subscription to the public before the end of the fourth quarter of 2015. It is our sincere hope that both the existing and perspective shareholders will grab this opportunity.