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Welcome to Ogige Microfinance Bank Ltd.

 

ABRIDGED PARTICULARS OF PRIVATE PLACEMENT MEMORANDUM OF

OGIGE MICROFINANCE BANK NIG. LTD

RC:259205

CBN LICENCE NO.000138

Ogige Microfinance Bank Nig. Ltd

Offer for private placement of 50,000,000 Ordinary Shares of N1.00 each at N3.00 per share.

And

Rights Issue of 31,300,000 shares (4 to 1) of N1.00 each at N2.00 per share

Payable in full on application

APPLICATION OPENS ON: January 01, 2020  CLOSES ON: December 31, 2020

 

 

SUMMARY OF PRIVATE PLACEMENT OFFER

The following information is the summary of the private placement offer.

ISSUER:                                             OGIGE MICROFINANCE BANK NIG. LTD

AUTHORIZED SHARE CAPITAL: 200,000,000 ordinary shares divided into 125,169,598 ordinary shares of N1.00 each.

ISSUED AND FULLY PAID:           N125,169,598 ordinary shares divided into 125,169,598 ordinary shares of N1.00 each.

NOW BEING OFFERED:                50,000,000 ordinary shares of N1.00 each at N3.00 each.

PURPOSE OF THE OFFER:

  • This offer is being undertaken to enable Ogige Microfinance Bank increase its shareholders’ funds and to meet the new Central Bank of Nigeria (CBN) requirements on capitalization of Microfinance banks in Nigeria.
  • For the building of the corporate headquarters of the Bank so as to enable the Bank provide more quality banking services to its customers.
  • To provide additional working capital to support its enlarged operations.

CONCURRENT RIGHTS OFFER:  Rights Issue of 31,300,000 ordinary shares of N1.00 each at N2.00 per share

METHOD OF OFFER:                     Private placement for subscription and Rights Issue to existing shareholders.

UNITS OF SALE:                              A minimum of 1000 units and multiple of 100 units thereafter.

OFFER PRICE:                                  N3.00 per share for private placement.

                                                            N2.00 per share for rights issue.

PAYMENT:                                       In full on application.

 

OPENING DATE:                             January 1, 2020

CLOSING DATE:                              December 31, 2020

STATUS OF OFFER:                        The new shares to be issued shall rank pari-passu in all respects with the issued ordinary shares of the Bank.

BOARD OF DIRECTORS:              Dr. Udengwu, Obi-            Chairman

                                                            Hon. Ozioko, Festus

                                                            Chief Ayogu, Obinna Esq

                                                            Arc. Odigbo, Onkle

                                                            Mr. Obuba, Kisob

                                                            Mr. Agbo, Matthew- Managing Director/CEO

                                                            Barr. Omeye, Jude-  Company Secretary

MANAGEMENT STAFF:               Mr. Agbo, Matthew-         Managing Director/CEO

                                                            Mr. Ikwechegh, Anayochukwu- Head Operations

                                                            Mr. Egwim, Philip- Head Credit

                                                            Mr. Nduaguba, Uchenna- Head Risk Management.

                                                            Mr. Atama, Ugochukwu- Head Marketing.

                                                            Mr. Mba, Sunday Okwu- Head Finance and Administration.

                                                            Mr. Okediadi, Emeka- Head Internal Audit.

                                                            Mr. Ajogwu, Clement- Manager, Ogige Market branch.

REGISTERED OFFICE:                    No 20 Market Road, Alu-Udele, Nsukka

METHOD OF PAYMENT:             Payments can be made with cash at the Head Office or branch, or with cheque payable in favour of Ogige Microfinance Bank Ltd and crossed “PRIVATE PLACEMENT SHARE OFFER OR RIGHTS ISSUE” as the case may be or through fund transfers or direct payment to our Zenith Bank, UBA or First Bank.

UTILIZATION OF THE PROCEEDS OF THE OFFER:

  • To meet the new Central Bank of Nigeria capitalization requirements for Microfinance Banks.
  • Corporate Headquarters Building
  • Working Capital

FINANCIAL INDICATORS

2018

2017

2016

2015

2014

 

N

N

N

N

N

TOTAL ASSETS

802,108,036

752,927,448

698,451,551

629,114,029

601,850,300

TOTAL DEPOSITS

329,456,105

310,807,123

282,715,691

286,597,665

289,038,902

SHAREHOLDERS’ FUNDS

386,375,623

303,406,940

309,020,489

277,443,079

248,473,680

GROSS EARNING

126,744,247

102,697,305

152,348,397

121,137,759

107,298,757

PROFIT BEFORE TAX

36,019,239

43,047,774

65,792,463

31,089,211

34,026,384

PROFIT AFTER TAX

33,727,496

38,270,012

48,752,215

27,669,398

30,247,753

DIVIDEND DECLARED/PAID

Awaiting CBN approval

15,442,162.45

14,693,833.57

14,693,833.57

10,312,116.25

FIVE YEAR FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

UNAUDITED RESULTS FOR THE HALF YEAR ENDED 30TH JUNE 2019

 

N

Interest Income

68,423,914

Less Interest Expenses

-4,979,783

Net Interest Income

63,444,131

Other Income

38,415,202

Less Operating expenses

-31,820,401

Depreciation

-1,953,956

Unaudited Net Income

68,084,976

 

EARNING PER SHARE ANALYSIS FORECAST

Year ending 31st December

2019

2020

2021

 

N

N

N

Profit before tax

120,000,000

195,000,000

230,000,000

Taxation

-48,000,000

-78,000,000

-92,000,000

Profit after tax

72,000,000

117,000,000

138,000,000

Transfer to statutory reserve

-10,100,000

-17,400,000

-20,500,000

Dividend

-40,000,000

-40,000,000

-50,000,000

Retained profit

21,900,000

59,600,000

67,500,000

Forecast earning per share

0.11k

0.12k

0.14k

Forecast dividend per share

20k

20k

25k

 

INDEBTEDNESS

As at June 30, 2019, the Bank has no outstanding debentures, mortgages, loans,

charges or similar indebtedness or material contingent liability other than in the

ordinary course of business.

MATERIAL CONTRACT

The Bank has not entered into any material contract except in the ordinary course

of business.

Contact Address of the Bank- Ogige Microfinance Bank Ltd, 20 Market Road, Alu-Udele, P.O. Box 2030 Nsukka

Phone Numbers- 08184602473; 09081952618; 09081952621; 07013065390; 09081952623 and 090819552617.