By Amaka Abayomi

The Managing Director of the Nigerian Police Force Microfinance Bank (NPF MFB) Mr. Ade Adesina, has disclosed that the share capital of the NPF MFB has increased to N2 billion from the N500,000 it started with in 1993 as a Community Bank.

Speaking to Vanguard, Adesina said the steady increase in its capital base by the board and management of the bank from its licensing as a community bank has enabled the bank to stand tall in the troubled microfinance sector.

“Our success as a microfinance bank can be attributed to our strong corporate governance practices, good management, highly capitalised status and highly trained and motivated staff. As at 31 December 2009, NPF MFB’s shareholders’ funds grew by 153.9 per cent to N3.3 billion from N1.3 billion the previous year.

“Also, our total assets grew from N4.9 billion to N5.2 billion and total liabilities dropped from N3.6 billion to 1.9 billion. Loans and advances stood at N2.613 billion in 2009 compared to N2.026 billion in 2008. N1.831 billion of the loans performed in 2008 while N2.347 billion did in 2009. Profit after taxation equally increased N59 million in 2008 to N101.9 million in 2009.”

Adesina urged MFB operators to invest in their staff to enable them stand the test of time.

“Aside from ensuring that the bank as a strong capital base, it must equally invest in its people because it is only when you have people that share your vision and have the right training would you be able to make any headway.

“We ensure that people are trained vigourously and regularly by the CIBN, CBN, and other necessary trainings.”
Licensed in 1993 as a Nigeria Police Force Community Bank, NPF MFB has more than 200 staff to attend to its over 70,000 customers in its 10 branches across the nation.