First Inland Bank to allot full value to subscribers
Category: Public Offers Private Placements
March 17, 2008/Guardian
Subscribers to the recent First Inland Bank Public Offer of N100 billion may not lose sleep on whether their subscription would be accepted or not as the bank says it will absorb every excess fund accruing from the offer.
The Bank\'s Managing Director and Chief Executive Officer (CEO), Mr. Okey Nwosu told reporters after a courtesy call on the Anambra State Governor, Mr. Peter Obi recently, that the ban\'s management had already begun discussions with the capital market authorities on how to absorb excess funds arising from the offer.
First Inland Bank Plc, one of the 24 banks accredited by the Central Bank after meeting the apex bank\'s capitalisation target of N25 billion recently hit the capital market in a bid to raise N100 billion.
But the Capital market had had to contend recently with refund of monies from companies after a public offer claiming that they were over-subscribed.
Nwosu, however, said, \"although we raised over a N100 billion from the capital market but we are not planning to dislodge any subscriber or return excess funds from the exercise. Rather, we are talking with the authorities of the capital market on how to absorb all subscribers.\"
He had told Governor Obi inside the Executive Chamber of the Government House in Awka that with 12 branches spread across AnambraState, it has the highest number of the bank\'s branches in the South East, adding that it is a testimony to the bank\'s realisation of the economic potentials of the state.
He described the Anambra State Integrated Development Strategy (ANIDS), a baby of the Obi administration, which takes an all sector holistic approach to development as a fantastic initiative, which he observed has given priority to educational development.
Describing ANIDS as a product of planning, Nwosu contended that education remains the backbone of the development of man, adding that an educated person has 70 per cent of his problems solved. He said his bank has resolved to partner with the state government in establishing special secondary schools in the three senatorial districts of the state.
Governor Obi had explained to his guest that his administration\'s resolve was to provide those infrastructure that were lacking before he came on board as their absence constituted a lot of drawback to the state\'s desire to forge ahead.
\"There was no secretariat in this state 15 years after its creation. The Ministry of Housing and that of Environment here operate from rented apartments. There were no cars for Permanent Secretaries. Now, we have completed the secretariat and trained senior civil servants.
\"No single hospital in AnambraState was accredited for internship training for medical students at the verge of their graduation as Medical doctors. But today, Onitsha GeneralHospital is the fastest accredited hospital.
\"We are taking things simultaneously and in the education sector, no single secondary school in Anambra had a functional science laboratory before we came,\" he said, adding that since coming on board, a building each in 75 secondary schools has been renovated to house a laboratory, provided with equipment and chemicals for chemistry, Biology and physics practical, while a computer, a borehole and a giant generating set had been provided. His target, he said, is the renovation of 160 secondary schools before the expiration of his first tenure.