December 16, 2019 / 10:00 AM / By Arthur Stevens Asset Mgt / Header Image Credit: THISDAYLIVE
We wish to inform you that LAPO MfB's (up to) NGN6 billion Fixed Rate Senior Unsecured Bonds, the 2nd Series under its NGN20 billion Debt Issuance Programme is coming soon. The bonds will be issued by LAPO MFB SPV PLC (the "Issuer"), a wholly-owned subsidiary of LAPO Microfinance Bank Limited (the "LAPO MfB" or the "Bank").
LAPO Microfinance Bank is a market leader in the provision of microcredit facilities in the Nigerian market and is primed to sustain its leadership position by growing efficiently and effectively distributing credit to its target customers. The Bank was incorporated in April 2007 as a limited liability company and was licensed by the Central Bank of Nigeria (CBN) in June 2010 to operate as a State Microfinance Bank. In October 2012 it was upgraded to a National Microfinance Bank.
LAPO MfB's business strategy is focused on the provision of loan products and other financial services designed to meet the needs of the economically viable poor and low income households as well as small businesses. The Bank has experienced steady improvement in profitability levels which is expected to continue as the Bank taps into the under-served microfinance segment. It recorded a net interest income of N24 billion and profit before tax of c.N5 billion in September 2019. LAPO MfB has continuously delivered returns to its shareholders since inception, growing its shareholders' fund to N20 billion and total assets to N73 billion as at September 2019. This impressive track record and strong financial performance are proofs of its market leadership and growing market share in the Nigerian Microfinance space.
In the coming years, LAPO MfB aims to consolidate its position as the dominant market leader in the microfinance banking space in Nigeria, building on its first-mover advantage through product innovation and excellent customer experience.
LAPO MfB was able to attract significant investment from the Nigerian capital market during its Series 1 bond issuance by successfully raising a total sum of N3.15 billion in 2017. It has also been assigned a BBB+ (stable outlook) rating by Agusto & Co. and Global Credit Rating Co. on account of strong financial condition, very good profitability, strong and sustainable cash flows as well as adequate working capital and low leverage.
We look forward to your participation in the LAPO MFB SPV PLC Series 2 Bond
For further information; kindly send a request via email@example.com
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