By JOHNBOSCO AGBAKWURU
The Board and management of the First Royal Microfinance Bank have commenced the recapitalization of the bank to N100 million through the involve-ment of shareholders in the areas of increasing their shareholding and marketing of the bank’s shares to core investors.
Chairman of the bank, His Holiness, Olumba Olumba Obu, who disclosed this in Calabar, Cross River State, at the Annual General Meeting of the bank, said the attainment of a significant capital base would facilitate improvement of the bank’s ITC unit, branch expansion, networking and increase in the working capital of the bank with a potential to increase business activities and increase returns on investments.
Obu informed that due to the marginal record of N7,401,737 profit after tax in the year ended 2009, the bank has withheld payment of dividends to its directors within the operating period.
Represented by Prof. Reginald Nwankwala of the University of Port-Harcourt, Obu re-stated the aspiration of the bank to becoming the first in the microfinance industry in terms of growth, service and operational exce-llence through perfor- mance , management and people.
He commended the staff who he described as human assets in the transformation of the bank and promised to continue to invest in them through the extension of incentives to them for efficient and effective performance and thus, ensuring the discharge of their duties towards building a formidable, efficient, profitable and customer-focused bank.