-set to offer bonus

Following a successful hybrid offer, First Inland Bank Plc has guaranteed investors good returns on their investment. Okey Nwosu, Managing Director/Chief Executive Officer (MD/CEO) of the bank made this disclosure to Proshare N/I.

“There will be a lot of returns; we will go back to what we used to do; very good dividend policy and even make sure that when it is expedient, we give bonus shares to our investors� Nwosu said.

Nwosu confirmed to Proshare N/I that its concluded hybrid offer in January, 2008 was a huge success in terms of oversubscription, though he declined to mention what level of oversubscription First Inland enjoyed when it approached the market to raise fresh funds.

“It was a very good outing, we are very happy and pleased with it, I will not say the level of oversubscription now, but we have got much more than we came to the market to raise� he said.

According to him, First Inland will go places having achieved quite a lot in the short time the bank has existed.

“In the next two years I believe that we will stamp our foot in the banking sector and be a force to be reckoned with, we have our vision and we have our plans and we know where we want to be in the next two years; with all the strategies that we are putting in place, we will get there� Nwosu said.

As at the time of filling in this report, the bank has made a forecast to offer its investors 31 Kobo and 83 Kobo dividend in 2009 and 2010 respectively.

First Inland offered to the investing Nigerian public at the beginning of this year, 5.0 billion ordinary shares and 4.0 billion Irredeemable Non-Cumulative Convertible Preference shares all of 50 Kobo each at N9.50 per share respectively.