Fortis Microfinance Bank Lists on Nigerian Stock Exchange

Fortis Microfinance Bank Plc listed 1.63 billion shares on the Nigerian Stock Exchange today at 5 naira each, Oscar Onyema, chief executive officer of the bourse, told reporters in Lagos, the commercial capital.

Fortis will undertake a secondary equity offering to raise 2 billion naira ($12.3 million) and also sell five-year bonds to raise 5 billion naira, Kunle Oketikun, managing director and chief executive officer, said. Abuja-based Fortis is looking for approval from the Securities and Exchange Commission, and plans for the sales are expected to be concluded in six months, he said.

Funds will be used for purposes including increasing working capital and acquiring a national licence, according to Oketikun. Target investors for the bond sale will be institutional investors, “especially the pension fund administrators,” he said.

To contact the reporter on this story: Vincent Nwanma in Lagos at vnwanma@bloomberg.net

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net

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