Proshare Logo
   Market Date: 29-01-2015   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Elections Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

First Inland Bank to raise N100bn

Category: Public Offers Private Placements

  Read (1345)
First Inland Bank to raise N100bn

November 07, 2007/Punch



First Inland Bank Plc has applied to regulatory authorities for approval to raise N100bn from the capital market.


The Chairman of the bank, Dr. Theo Osanakpo, said this at the company’s annual general meeting in Abuja on Tuesday.


Osanakpo said it was necessary to raise additional funds for the bank to remain focused and relevant to contemporary challenges and tasks ahead.


According to him, additional capital will be raised by hybrid means of equity, debentures, bonds and preference shares.


The bank recorded an earning of N27.47bn and a profit before tax of N6.47bn in the year ended April 30, 2007.


Osanakpo said, “Although the synergy arising from the merger between the four legacy banks resulted in significant growth in deposits, total assets, contingencies, increased incomes and overall improvement in performance of the bank; the benefit was not immediate.


“The consolidation presented integrated issues.â€ÂÂÂÂÂ


According to him, during the period under consideration, the bank grappled with both integration challenges and goodwill arising from the consolidation.


He added that the negative reserves inherited from the legacy banks had significant impact on the bank’s performance.


The profit attributable to shareholders was N2.99bn after the amortisation of goodwill of N3.2bn arising from the consolidation.â€ÂÂÂÂÂ


The Chairman ruled out the payment of dividend until the issue of goodwill was resolved. He said the resolution of goodwill at the AGM would ensure that dividend was paid in the next financial year.


After some contentions, the AGM re-elected Osanakpo as chairman. Some shareholders had insisted that the board comprising 20 members was wieldy.


They therefore demanded that those that had poor record of attending board meeting, should be dropped.


Instead of one resolution for the election of new board members, each member was considered based on fitness and record.

Tags: , 

Comment With Your Facebook or Yahoo! ID

Latest news

News on Public Offers Private Placements

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Contact Us
Volunteer Program
Message from CEO

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Discussion Forum

Subscriber Agreement
Privacy Policy
Data Policy
Copyright Policy
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Legal Support Services
Web/Technology Services
File a Complaint

CBN Governor 2014