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Bayelsa Gov. opens Afribank Yenagoa Branch


December 05, 2007


The Bayelsa State Governor, Chief Timipre Sylva has officially commissioned the Yenagoa Branch of Afribank Nigeria Plc with a commendation on the Management of the Bank for making its quality services available to the people of the State.


The Governor who was represented by Honourable Barnabas Edure, Bayelsa State Electoral Commissioner, explained that Afribank has proven to be a worthy partner with its new office in BayelsaState which is strategically placed to support the socio-economic development of the State.


He stressed that with Afribank’s presence in the State, the people of BayelsaState would start to enjoy good and reliable banking services seamlessly.


The Governor noted that the people of BayelsaState appreciated the notable impact Afribank is making in the economic empowerment and advancement of the country.


He enjoined Nigerians and the people of BayelsaState to take advantage of the business opportunities available to them through Afribank’s presence advising that they should be part of the owners of the Bank by buying the shares of the Bank through its ongoing Public Offer.


Earlier, the Group Managing Director of Afribank, Mr. Sebastian Adigwe, said the opening of the Bayelsa Branch of the Bank, is part of the broad strategic business expansion drive to grow the Afribank brand and enable it to fully utilize its potentials.


He added that the Bank would establish another branch in Yenagoa and additional two Branches in other parts of the state in the next one year and many branches in other parts of the country as part of its neighbourhood presence strategy.


Mr. Adigwe explained that the Bank would support the government at all levels in the State, provide essential banking services to suppliers and service providers, consumer loans to civil servants and artisans and facilitate the growth of the State generally. The Group Managing Director explained that the new Branch is equipped with the robust Globus IT platform that enables it to offer online real time services.


Adigwe said that the Bank’s real worth is far more than its balance sheet adding that with a rich legacy that spanned over 48 years, the Bank fundamentals are very strong and promising. The Bank is already ahead in surpassing its financial projections as contained in the Offer prospectus as manifested in the second quarter results of =N=8.1billion.


Discerning investors are already taking position in the Bank because of the obvious intrinsic value and prospects of robust returns in the Bank. This was why the Bank recorded over 400 % share price appreciation this year.


He assured that Afribank would do more than it did for shareholders this year when it paid 30kobo dividend and bonus of one for five bonus share.

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