First Inland guarantee investors good ROI

First Inland guarantee investors good ROI

March 12, 2008

 

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<p class=\"MsoNormal\" style=\"margin: 0cm 0cm 0pt; text-align: justify;\"><span style=\"font-size: 14pt; font-weight: bold;\" lang=\"EN-GB\">-</span><span style=\"font-size: 11pt; font-weight: bold;\" lang=\"EN-GB\">set to offer bonus</span><span style=\"font-size: 14pt; font-weight: bold;\" lang=\"EN-GB\"><o:p></o:p></span></p>
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<p class=\"MsoNormal\" style=\"margin: 0cm 0cm 0pt; text-align: justify;\"><span lang=\"EN-GB\">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.</span></p>
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<p class=\"MsoNormal\" style=\"margin: 0cm 0cm 0pt; text-align: justify;\"><span lang=\"EN-GB\">“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.</span></p>
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<p class=\"MsoNormal\" style=\"margin: 0cm 0cm 0pt; text-align: justify;\"><span lang=\"EN-GB\">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.</span></p>
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<p class=\"MsoNormal\" style=\"margin: 0cm 0cm 0pt; text-align: justify;\"><span lang=\"EN-GB\">“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.</span></p>
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<p class=\"MsoNormal\" style=\"margin: 0cm 0cm 0pt; text-align: justify;\"><span lang=\"EN-GB\">According to him, First Inland will go places having achieved quite a lot in the short time the bank has existed.</span></p>
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<p class=\"MsoNormal\" style=\"margin: 0cm 0cm 0pt; text-align: justify;\"><span lang=\"EN-GB\">“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.</span></p>
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<p class=\"MsoNormal\" style=\"margin: 0cm 0cm 0pt; text-align: justify;\"><span lang=\"EN-GB\">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.</span></p>
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<p class=\"MsoNormal\" style=\"margin: 0cm 0cm 0pt; text-align: justify;\"><span lang=\"EN-GB\">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.</span></p>


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