September 25, 2017

Fortis MfB set to raise N10bn bond on NSE

FORTIS Microfinance Bank, MfB, Plc is set to raise N10 billion corporate bond on the floor of the Nigerian Stock Exchange, NSE.

Managing Director, Fortis MfB, Mr. Tiko Okoye, revealed to Vanguard that the bank WAs making arrangement with the NSE to raise the bond in the next 30 to 45 days.

He said, “Within the next 30 to 45 days, we should be raising a N10billion corporate bond from the capital market. That is what we want to finalize, we look forward to getting investments from foreigners investing in equity in the bank.”

The bank had in 2012 listed 1.63 billion ordinary shares of 50kobo each at N5 per share trading 5.56 million shares, worth N28million on the same day, at the trading floor.

The bank further raised funds within the N2billion region from the market being the second of such.

The bank had raised additional capital as a result of its strong fundamentals and potentials in micro-credit financing.

Fortis MfB is a leader in the microfinance sub sector, with a national licence to operate anywhere including Abuja. The bank has presence in over 20 states of the federation and one of the only two microfinance banks that are listed on the stock exchange.