17 March 2016

Equator capital acquires 657, 000 shares in Fortis MFB

Fortis MFB Plc recently took a major step forward, which the bank said it was pleased to share with our stakeholders. The Bank has agreed to accept Messrs. Equator Capital Partners investment in the Bank by way of a Special Placement of 656,666,668 Ordinary Shares of 50 Kobo each at N1.50 per share (“the Offer”).

A Completion Board Meeting was held on Thursday in Abuja pursuant to the approval of the Offer by the Securities & Exchange Commission (SEC).

Equator Capital Partners LLC manages the ShoreCap family of funds, which specialises in investing in inclusive financial services entities in developing and transitional economies.

Chairman of the bank Felix Achibiri said “it is imperative to note that this investment is a huge vote of confidence in the vision of the Bank to be the dominant microfinance bank in Nigeria by reaching out to more under-served communities across the country, especially on the back of the Bank’s National Microfinance Bank License.  In the last eight years, Fortis MFB has majorly funded its growth from seed capital, customers savings and retained earnings, and in doing so, have built one of the fastest growing microfinance institutions in Nigeria”.

He said the investment is expected to bring a renewed sense of purpose and additional resources to deliver varied products and services to our esteemed customers and improved value to all stakeholders.

“None of this growth would have been possible without the hard work of our employees and development partners, who have contributed immensely in our eight years of existence, and are inspired every day to keep growing the Fortis brand. We are indeed delighted to welcome on board, Equator Capital Partners and look forward to exciting years ahead,” he added. Source: Daily Trust