Afribank will, in October, open its investment doors to the public as it offers four billion ordinary shares of 50 kobo for N25 per share for subscription. A number of local and foreign investors are said to be on the queue, asking for specific shares.

Group Managing Director of Afribank, Mr. Sebastian Adigwe, in an interactive session with journalists in Lagos said the bank was going to the capital market to enable it add value and give higher returns to shareholders of the bank.

According to him, after consolidation, it became clear to Nigerian banks that size had value. He said the additional funds to be raised would give the bank the opportunity to do big ticket transactions in oil and gas and maritime businesses. The bank with 250 branches has already got CBN’s approval to open additional 49 branches. He also said the bank needed the money to carry out its IT, human capital training and development programme as well as its re-branding activities which are currently on, modernising some of the bank branches.

Afribank’s Shareholders’ Associations across the country are already mobilising their members to take huge advantage of the investment opportunities in the bank through the offer. Leaders of shareholders groups at the bank’s Annual General Meeting in Enugu recently said Afribank’s public offer presented a unique opportunity for existing and prospective investors to reap bountifully in the capital market.

They said with the current level of performance of Afribank as manifested in its first quarter results of over N4 billion Profit Before Tax, projected performance and its investor-friendly policy, Afribank’s offer was an ideal investment window for good capital appreciation and wealth expansion for both short and long term investors.

Alhaji Muktar Muktar, Chairman of the Shareholders’ Proceeds Association of Nigeria asked Nigerians to invest in a “bank which stock has become one of the fastest growing stocks in the capital market,” adding that shareholders have strong confidence in the strategies highlighted by the Board and Management of the bank to sustain the tempo of good performance which would in turn boost investors’ investment.
Sir. Sunny Nwosu, National Co-ordinator of the Independent Shareholders Association, commended the transformation taking place in Afribank, assuring that his Association was sensitising members to buy massively into Afribank offer.

Mr. Nwosu expressed happiness that the bank succeeded in its strategic initiatives which have improved its fortunes and extended to shareholders by way of capital gain, bonus, dividend payout and wealth expansion. He assured that his members have concluded plans to invest massively in the bank’s public offer whenever it opens to the public..