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STRATEGIC PLANNING PROGRAM FOR ILORIN MICROFINANCE BANK |
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FIRAS Consults Ltd. conducted a three-day retreat program on Strategic Planning for the members of the Board of Directors of Ilorin Microfinance Bank Ltd. [IMFB] from 7th to 9th March, 2008 at ARMTI, a Training facility located about 30km south of Ilorin, Kwara State of Nigeria. |
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The program was organized sequel to the grant of Approval-in-Principle [AIP] by the Central Bank of Nigeria to the IMFB to operate as a microfinance bank after it attained more than the prescribed minimum capital. The 3-day intensive program which had all the bank’s seven directors as participants had the following five cardinal objectives: | |
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MICROFINANCE BANKS IN NIGERIA AND THE DEPOSIT INSURANCE LAW 2006 |
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Effective December 2007, the provisions of the enacted Nigeria Deposit Insurance Corporation [NDIC] Act 2006 will become applicable to all the microfinance banks licensed by the Central Bank of Nigeria [CBN]. The 2006 Act, among other things, repealed the NDIC Act 1988 and the subsequent amendments. The various provisions contained in the new Act will have far reaching impact on the operation and conduct of microfinance business in Nigeria especially as this category of financial institutions come under a more rigorous, and closer supervision with the implementation of the microfinance policy enunciated by the CBN. |
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INVESTING IN NIGERIA BANKS PUBLIC OFFERS |
| SOME IMPORTANT FACTORS TO CONSIDER |
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The Nigerian Stock Exchange [NSE] trading activities have consistently in recent times been dominated by the Nigerian banks stocks. This trend could be partly attributed to the Central Bank of Nigeria directive which required all universal banks operating in the country to increase their capital to a minimum of N25 Billion Naira with effect from January 2006. In pursuance of the attainment of the policy objective, a number of the banks resorted to the capital market to raise additional capital. |
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