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Afribank Public Offer: Investors React


September 07, 2007/Independent



By Mojeed Jamiu

The shareholders of Afribank Nigeria Plc have commended the Board and Management for the impressive financial results expressing optimism that the proposed Public offer of the Bank would be over-subscribed.


At the Annual General Meeting of the Bank in Enugu yesterday, shareholders said that they were impressed about the marketing and business strategies being implemented by the Bank, which according to them, are capable of giving them superior returns. They variously commended the management for the quantum leap in the fortunes of the Bank within a year.


With the current level of performance, the shareholders were unanimous that Afriank is now on the path of sustainable growth with strong fundamentals, robust prospects, assured superior returns, a brighter and secured future.


Mr. Gbenga Idowu, National Coordinator of Shareholders united Front (SUF) said his Association was happy for the good performance, improved outlook and prospects of the Bank stressing that his members are ready to invest massively in the coming public offer of the Bank.


Alhaji Muktar Muktar, Chairman of the Shareholders Proceeds Association of Nigeria, commended Afribank for the superlative performance it recorded. He added that in terms of capital appreciation, market development, operational expansion, investor confidence and returns, Afribank has become one of the fastest growing fianacial institutions in Nigeria today.


Dr Farouk Umar, a prominent shareholder, said Afribank’s proposed public offer was a welcome development for the existing and future invetsors adding that it would record massive patronage and over-subscription.


Mr. Sunny Nwosu, National Co-ordinator of Independent Shareholders Association, commended the transformation taking place in Afribank assuring that his Association would continue to support the good initiatives and the transformation project of the Bank.

The Bank had also recently announced =N=4billion PBT for the first quarter of the current financial year up from =N=2billion declared in the corresponding period last year.


Industry watchers believe that with the level of public confidence, market appreciation and the organic growth taking place in Afribank, it would soon be among the top three in the industry.


The Bank has continued to initiate market-focused strategies that are facilitating recovery of lost market share, offering differentiation advantages, competitive pricing and leveraging on its e-banking platform to offer diverse customer friendly products and services. –

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