NSE approves resumption of trading on Fortis

The Nigerian Stock Exchange, (NSE) has approved for the shares of Fortis Microfinance Bank Plc to resume trading on the floor of bourse following a technical suspension due to late rendition of its 2016 audited yearly accounts to the regulatory body.

In a correspondence referenced NSE/LRD/LE1/09/17 dated 13th September 2017, addressed to the Fortis Microfinance bank’s Company Secretary, the Ag. Head, Listings Regulation Department, Godstime Iwenekhai wrote that: ‘Having submitted your audited accounts for the period ended 31 December 22 August 2017; The Exchange wishes to inform you that it has lifted the suspension of trading in the shares of your Bank which is in line with Rule 3.3, Rules for filing of Accounts and Treatment of Default filing, Rulebook of The Exchange (Issuers’ rules)…’

The contents of the Audited Accounts approved by the Central Bank of Nigeria (CBN) and submitted to the Nigerian Stock Exchange (NSE) revealed that despite the harsh economic operating environment, the bank posted positive increases in major facets of its activities over the last 12 months.

In order to maintain its place as a market leader in the Nigerian and African Microfinance markets, the bank recently launched its five-year strategic plan that will enable her become the dominant microfinance brand by heavily investing in technology to drive financial and economic inclusion.

It can be recalled that Fortis Microfinance Bank Plc recently became the first MFB in Nigeria to get the prestigious Micro Rate and Smart Campaign of USA’s Customer Protection Principle (CPP) certification, 2nd in Africa and 16th in the entire world.

Fortis MFB was granted a national microfinance banking license in 2015 with the clear mandate to open shop in all 36 states of the federation plus the Federal Capital territory. The bank currently has a presence in not less than 22 states plus the FCT.

As one of the only two micro-finance banks (out of the nearly 1000 mfb’s registered by the CBN) listed on the NSE, the bank operations are subjected to further regulatory oversight by Capital Market regulatory authorities.

By Mathias Okwe

The Guardian Newspaper September 28th, 2017

Leave a Comment

Your email address will not be published. Required fields are marked *