Microfinance Bank Gets N6bn Recapitalisation
- By Abimbola Tooki
- Published June 7th, 2010
- News
- Unrated
SUCCOR has come the way of Integrated Micro-Finance Bank (IMFB) as an
international firm, Africa Capital and Business Support Limited (ACBSL)
is set to revive the bank with a capital injection of N6 billion. The
fund was packaged with the support of Suisse Bank Plc (London) and
Mainsail Trading Limited (Dubai).
The recapitalisation is structured in the form of N4 billion as subordinated debt investment and N2 billion on lending agric-specific capital.
Mrs. Doyinsola Abiola, chairman of IMFB, explained that the efforts of the board and the new management of the bank at restarting the bank’s operations resulted in the partnership with ACBSL.
“We have learnt our lessons from our experience in this business and we believe our operations going forward will be better,” Abiola said, adding that the task before the new management of the bank is tough.
She further assured that the bank would embrace diligent corporate governance, vigilance and uncompromised integrity.
Mr. Benjamin Aduli, vice chairman of ACBSL, noted that ACBSL is working with a consortium of local and international partners who believe strongly in poverty alleviation through the empowerment of entrepreneurs and see the development of the microfinance sector of the economy as the engine of growth and development of any great nation.”
Noting that the funds are structured as subordinated debt investment under its Investor Protector Programme, he said ACBSL has concluded arrangements with the Central Bank of Nigeria (CBN) on injecting funds into IMFB to enable the bank resume operations.
He also appealed to the customers and stakeholders of the MFB to exercise patience in other to enable the bank plan its reopening, explaining that while it is not logistically possible for the bank to open all its branches in one day, the first set of branches would open for customer verification from June 12, 2010.
Aduli, who noted that ACBSL is also working to help other struggling MFBs nationwide with capital to enable them open shop once more, said “we are of the opinion that resuscitating IMFB by providing the necessary financial back up they require will tremendously restore the much eroded confidence in the micro finance sub sector of the economy.”
The recapitalisation is structured in the form of N4 billion as subordinated debt investment and N2 billion on lending agric-specific capital.
Mrs. Doyinsola Abiola, chairman of IMFB, explained that the efforts of the board and the new management of the bank at restarting the bank’s operations resulted in the partnership with ACBSL.
“We have learnt our lessons from our experience in this business and we believe our operations going forward will be better,” Abiola said, adding that the task before the new management of the bank is tough.
She further assured that the bank would embrace diligent corporate governance, vigilance and uncompromised integrity.
Mr. Benjamin Aduli, vice chairman of ACBSL, noted that ACBSL is working with a consortium of local and international partners who believe strongly in poverty alleviation through the empowerment of entrepreneurs and see the development of the microfinance sector of the economy as the engine of growth and development of any great nation.”
Noting that the funds are structured as subordinated debt investment under its Investor Protector Programme, he said ACBSL has concluded arrangements with the Central Bank of Nigeria (CBN) on injecting funds into IMFB to enable the bank resume operations.
He also appealed to the customers and stakeholders of the MFB to exercise patience in other to enable the bank plan its reopening, explaining that while it is not logistically possible for the bank to open all its branches in one day, the first set of branches would open for customer verification from June 12, 2010.
Aduli, who noted that ACBSL is also working to help other struggling MFBs nationwide with capital to enable them open shop once more, said “we are of the opinion that resuscitating IMFB by providing the necessary financial back up they require will tremendously restore the much eroded confidence in the micro finance sub sector of the economy.”
