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