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CitiTrust Holding targets N12.5bn in Q1 2021

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CitiTrust
Banking hall

By Prince Okafor

MONEY MARKET

CitiTrust Holding Plc said it is targeting a debt capital injection of N12.5 billion for business expansion before the end of first quarter in 2021.

The company also disclosed its decision to complete the recapitalization of Living Trust Mortgage Bank and upgrading it from a Regional Mortgage Bank to a National Mortgage Bank before the end of first quarter, 2021.

This is in line with its plan to pursue industry leadership in Nigeria and other regions where it operates.

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According to the company, the debt facility would be raised through the subsidiaries.

While presenting CitiTrust’s Investment and Strategy Road Map for 2021-2023, at a webinar session organized by the company, its Executive Director, Finance and Strategy, Afolabi Martins, noted that the development would provide a further capital to for expansion across Africa.

He said, the debt will have a tenor of thirty-six months and amortizes in nine equal quarterly instalments, beginning on the first anniversary of the debt.

Martins equally disclosed that plans are underway to list CFS Nigeria on the floor of the Nigerian Stock Exchange (NSE) in 2021.

“Based on the impressive growth in our loan book, we are poised that these additional funds will enable us to further diversify the earnings base across all subsidiaries.

The 3-year plan details our operational shifts as it relates to Finance, Investment & Strategy and International Operation to deliver robust growth by adopting a strategic investment plan and aggressive market penetration.

“For our medium targets, much of the financial impact comes from our focus on employing small equity base to create larger capital and investments through liability generation, which we believe are largely in our control. Our ability to achieve mid-teen returns or higher over a horizon of three years or more will come as investments in our businesses,” he stated.

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