Nigeria: Equator Capital Acquires 657,000 Shares in Fortis MFB

Feb 2016
Nigeria, February, 15 2016 - Equator capital partners, an investing firm has acquired 657,000 share equity in Fortis Microfinance Bank (MFB). This was disclosed on Thursday during the completion Board Meeting of the bank held in Abuja.

Chairman of Fortis MFB, Felix Achibiri speaking at the meeting said the bank agreed to accept Messrs Equator Capital Partners investment in the Bank by way of a special placement of 656, 666,668 Ordinary Shares of 50 Kobo each at N1.50 per share.

He said the bank which was incorporated and licenced to operate as a micro finance bank in 2007 by the Central Bank of Nigeria, offered the share for sale to enable it shore up its capital base in pursuit of obtaining a national microfinance bank license from CBN.

Mr Achibiri also noted that proceeds of the offer will be utilized to fund the banks long term investments and financing activities.

He also said the investment is a "huge vote of confidence in the vision of the Bank, to be the dominant microfinance bank in Nigeria by reaching out to more under-served communities across the country, especially on the back of the Bank's National Microfinance Bank License".

He also said: "The investment is expected to bring a renewed sense of purpose and additional resources to deliver varied products and services to our esteemed customers and improved value to all stakeholders."

Source : 4 - traders

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