By Dipo Olowookere
The rights issue and public offer of NPF Microfinance Bank have been extended by one month, a notice from the stock exchange has disclosed.
The NPF MfB rights issue and public offer were initially scheduled to come to an end on Wednesday, June 30, 2021, but the Securities and Exchange Commission (SEC) has approved the request by the firm to shift it to Friday, July 30, 2021.
The small lender is 2,286,657,766 ordinary shares of 50 kobo each at N1.50 per share in the rights issue on the basis of one new ordinary share for every one ordinary share held as at May 17, 2021, and for the public offer, it is selling 713,342,234 ordinary shares of 50 kobo each at N1.50 per share.
Subscriptions for the rights issue and public offer commenced on Thursday, June 24, 2021.
Shareholders of NPF Microfinance Bank approved the exercises at the 24th Annual General Meeting (AGM) held in Kano in 2018.
The fresh capital would be used for the smooth running of the company. The shareholders had authorised the board of the firm to create additional 3 billion shares to accommodate the rights issue and public offer.
NPF Microfinance Bank, which used to be known as NPF Community Bank, was incorporated on May 19, 1993, but commenced business on August 20, 1993, at 1 Ikoyi Road Obalende, Lagos, having obtained a provisional license to operate as a community bank on July 12, 1993, from Central Bank of Nigeria (CBN).
On January 24, 2002, it obtained a full license to operate as a community bank and on December 31, 2007, the bank converted from its community bank status to a microfinance bank following CBN’s directive to all community banks. The approval granted to the bank was a unique one as it allows the bank to open branches in all the states.
On December 1, 2010, NPF Microfinance Bank listed its shares on the floor of the Nigerian Exchange (NGX) Limited, formerly known as the Nigeria Stock Exchange (NSE).
The firm provides banking services to both serving and retired officers and men of the Nigeria Police Force, its ancillary institutions and the general banking public.
At inception, the authorised capital of the bank was N500,000.00 made up of 500,000 ordinary shares of N1.00 each and this has over the years increased to its current level of N2,000,000,000.00 made up of 4,000,000,000.00 ordinary shares of 50 kobo each of which 2,286,637,766 ordinary shares of 50 kobo each are issued and fully paid up.
