Nigeria: Fortis Microfinace Bank Targets N7 Billion Expansion Capital
By Chris Ugwu, Leadership
Fortis Microfinance Bank Plc (Fortis) is prosecuting a three year strategic growth plan commencing with a capital raising exercise that will pool in about N7.0 billion fresh funds to the organisation.
The plan is set to put the bank at the lead of the microfinance bank industry when completed. The hybrid security issuance which is said to have reached advanced stage is being packaged by DEAP Capital Management & Trust Plc as the Issuing House/Financial Advisers.
The Managing Director/Chief Executive of Fortis, Mr. Kunle Oketikun, said the bank has in the past four years laid the foundation for a rapid growth aimed at positioning it at the top wrung of the microfinance industry in Nigeria.
He noted that the operational strategy that underlines the foundation and success of Fortis is the professionalism and a commitment for best practices which have equally translated to consistently good performance of the company.
According to him, “Fortis Microfinance Bank Plc, since inception, has committed itself to be a microfinance bank of choice in the Nigerian financial industry. We adhere strictly to professional standards and international best practice. We have constantly achieved record pre-tax earnings, earnings per share, free cash flow and improved profit margins, with increased revenues and have continued to deliver superior returns to shareholders most importantly.”
The MD further stated that the dealings of Fortis are knowledge and research-based which has placed it in a distinct competitive advantage in the continuing products and services that always satisfy bank’s customers irrespective of market conditions.
“We know our market, and we know how best to reach the customers and satisfy them. We operate at the micro level of the economy where we see very huge opportunities and we have modelled our business to exploit this opportunities to a mutual advantage with our customers,” he said.
Also speaking, Jacob Esan, Executive Director Investment Banking/Public Sector, DEAP Capital said Fortis Microfinance Bank Plc was poised to be the leading microfinance institution in Africa with the ability to generate outstanding value for all stakeholders.
According to him “The value proposition of Fortis Microfinance Bank Plc within the emergent microfinance banking space in Nigeria represents a unique opportunity for investors. For us at DEAP Capital, Fortis MFB is the latest institution we are working with in creating a pipeline of indigenous companies focused on being part of the resurgence of Nigeria as an industrial powerhouse.”