NPF Microfinance Bank proposes N3.43bn rights issue

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NPF Microfinance Bank Plc on Thursday proposed a right issue of N3.43 billion in a notification to the Nigerian Stock Exchange (NSE) for the approval and listing.

A statement signed by the Head, Listings Regulation Department, Lilian Dako, stated that NPF Microfinance Bank through its Stockbroker, Regency Asset Management Limited, submitted an application of a rights issue of 2,286,657,766 ordinary shares of 50 kobo each at N1.50 per share.

According to the statement, the rights issue was on the basis of one new ordinary share for every one ordinary share held and that the qualification date for the rights issue was on Thursday, September 12, 2019.

Recently, The Bank initiated a robust children’s education financing facility which aims at supporting parents to pay school fees seamlessly which is known as ‘Kid’s Education Account’ (KEA).

The bank, in a statement said it came up with the idea after realising that despite great efforts by government at the three tiers to enable significant enrollment in schools, millions of Nigerian children are still denied their right to education, essentially due to poverty level restrictions.

NPF Microfinance Bank noted that restricted access to education is one of the surest ways of transmitting poverty from generation to generation and that education is a vital human right, enshrined in the Universal Declaration of Human Rights and the United Nations Convention on the Rights of the Child.

 

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