Joe Idudu, chairman of the bank disclosed that the shares of the bank were overwhelmingly oversubscribed during the private placement exercise held in February to March 2008.
According to him, a total of 13,164,652,404 units of shares were subscribed by 13,245 shareholders and allotted in full after a split of shares from N1.00 to 50 kobo each. This, he said, was inclusive of 141,800,755 units of shares subscribed to by 13 members of the company as Rights Issues, which were also allotted in full.
He said the conclusion of the private placement exercise invariably necessitated an increase in the share capital of the bank to an authorized share capital of N10,000,000,000 and N6,582,326,202 fully paid up capital, subject however, to the on going share capital verification approval of the Central Bank of Nigeria (CBN).
“This has placed your bank in a very strong position to compete in the mortgage banking industry, as one of the most capitalized primary mortgage institutions and offer good returns to its stakeholders,” he said.
Idudu noted that the over- subscription of the private placement shares of the bank by more than 13,245 shareholders, invariably changed the status of the bank as a company with few shareholders to a public company, with thousands of shareholders, from across the country and beyond, with great expectations.
The managing director of the company, Abimbola Olayinka disclosed that the company was embarking on property development in some parts of the country including Oniru in Lekki (Lagos State), Ofada (Ogun State), Yola (Adamawa) and Abuja.
In the same vein, new branches of the bank were being planned for Ikeja and Lekki in Lagos State, Adamawa, and Abuja while another was being considered for Port Harcourt.