Polybadan Microfinance Bank Limited organized a sensitization programme on the 4th day September 2019 which was aimed at bringing shareholders and prospective investors of the bank together and making a deliberation on the need to combat the challenges facing the bank as well as to encourage shareholders to keep investing.
While appraising the efforts of the bank over the years since it has been established, the Chairman, Board of Directors of the Polybadan Microfinance Bank who is also the Rector of the institution Professor Kazeem Adebiyi eulogized the commitment of the management and members of staff of the bank towards sustaining the performance of the bank.
He futher commended the shareholders for having trust in the bank stating that achieving success is not a problem but sustaining and improving is the problem. He however encouraged investors especially those within the shores of the institution to include academic and non-academic staff, pensioners, and cooperative societies, amongst others, to keep investing in the bank so as to develop and ensure the smooth running of the bank.
The Managing Director of Polybadan Microfinance Bank, Mr. Adeniyi Adeleke in his speech stated that the bank which was licensed in 2009 by the Central Bank of Nigeria to carry out microfinance banking activities in accordance with CBN Statutory Policy has over the years been subjected to yearly routine which it results have always been positive in terms of quality assets and profitability.
While stating some of the challenges facing the bank, Mr. Adeleke made it know that the bank needs more funds to meet the new CBN Capital requirement of 200 million naira.
He said further, “we intend to sell the shares of the bank to the community with intention of boosting economic activities of the community as well as to sensitize the community about the bank for more patronage and to encourage investment in the bank.”
The External Auditor of the bank, Mr. D. Olojede in his presentation proposed to the shareholders the placement of #67,776,790 with ordinary shares of #1.00k each at #1.30per share which is payable in full on application.
According to Mr. Olojede, the bank’s offer to shareholders opens on 8th September, 2019 and ends on the 9th January, 2020 which is prior to the ultimatum given to the bank to maintain its stance as an organization that belongs to the urban sector.
While giving his response using some external banks as case study, Mr. Abdulrasheed Abdullahi stated that there is need for Polybadan microfinance to reach out to the Alumni of PolyIBADAN amongst which are Rauf Aregbesola, Gbenga Daniel and Remi Awode as well as charge the five faculties of the institution to buy shares of the bank and charge about 200 members of staff of the institution.
The event which had in attendance academic and non-academic staff, management board of the institution, board members of the microfinance bank, members of cooperative societies, associations also featured responses and observations by potential investors.