Infrastructure Bank plans N1.5b rights issues

Dikko

The Infrastructure Bank is to issue N1.5 billion rights issues to its existing shareholders, opening from December 17 to January 28, next year.

The shareholders of the Bank include federal and state governments; local governments and trade unions, according to its Managing Director, Mr. Adekunle Oyinloye.

At a completion board meeting of the Bank held at its headquarters in Abuja, the Chairman of the Bank, Alhaji Lamis Dikko, said the rights issue comprised of 1,551,500,000 ordinary shares of N1.00 each.

Alhaji Dikko said the additional shares were being offered shareholders on the basis of one new ordinary share for every ordinary share held as at June 30, 2012.

The current authorised share capital of the Bank is N3.1 billion comprising of 3,103,000,000 ordinary shares of N1.00 each.

The proceeds of the right issues will be used to provide additional funding for facilitating project finance, debt payment and also enhancing capital working requirements of the Bank.

There is currently no specified minimum capital base provided by the Central Bank of Nigeria for the Bank.

Also present at the meeting were representatives of the lead and joint issuing houses – APT Securities and Funds Ltd and WSTC Financial Services Ltd – and the Security and Exchange Commission (SEC).

In a brief remark after the meeting, the managing director said that the bank was re-positioning itself to bring greater impact to bear on the nation’s infrastructural development sector in the coming year.

Mr. Oyinloye said that the nation must redress its infrastructural deficit if its goal of joining the league of the world’s top 20 industrialised nations by year 2020 must be achieved