MICROCAPITAL BRIEF: Nigerian Stock Exchange Lists Fortis Microfinance Bank with Market Capitalization of $50m

Fortis Microfinance Bank, headquartered in Abuja, Nigeria, has joined the Nigerian Stock Exchange, increasing the exchange’s market capitalization by NGN 8.15 billion (USD 50.8 million). 

Nigerian Stock Exchange CEO Oscar Onyema reportedly took advantage of the listing “to call on other MFBs who are undecided on whether to list their shares on The Exchange to make up their minds – as there are significant benefits to be derived from being a listed company.”

By Webster Hughes, Research Associate

About Fortis Microfinance Bank: Headquartered in Abuja, Nigeria, Fortis Microfinance Bank began operating in 2007 and has 13 branches throughout the country 2012. It offers financial services to both businesses and individuals. Its subsidiary, Fortis Mobile Money, offers clients mobile payment services. As of June 20, 2012, the bank reported a loan portfolio of NGN 10.5 billion (USD 65.5 million), a staff of 434 people, return on assets of 11 percent and return on equity of 24 percent.

About Nigerian Stock Exchange: The Nigerian Stock Exchange was created as the Lagos Stock Exchange in 1960. As of 2012, It has 283 listed companies with an aggregate market capitalization of approximately NGN 15 trillion (USD 125 billion).

Sources and Additional Resources:

Allvoices.com story, “Fortis MFB listing deepen the NSE Market Cap by ?8.15bn”, http://www.allvoices.com/contributed-news/12466269-fortis-mfb-listing-deepen-the-nse-market-cap-by-815bn

MicroCapital.org story, January 22, 2012: “MICROCAPITAL BRIEF: To Promote Electronic Payments, Central Bank of Nigeria Taxing Cash Transactions”, https://www.microcapital.org/microcapital-brief-to-promote-electronic-payments-central-bank-of-nigeria-taxing-cash-transactions/

MicroCapital.org story, December 20, 2011: “MICROCAPITAL BRIEF: Fortis Mobile Money to Enable Mobile Phone Banking for 180 Members of Nigeria’s National Association of Microfinance Banks, Lagos State Chapter (NAMBLAG)”, https://www.microcapital.org/microcapital-brief-fortis-mobile-money-to-enable-mob…

Remarks of Felix Achibiri, Chairman of the Board of Directors of Fortis?Microfinance Bank Plc at the Listing by Introduction Ceremony of the Bank on the?NSE, Lagos, http://www.proshareng.com/news/download.php?item=FortMicrofiancBankPlc20612.pdf

MicroCapital Universe Profile: Fortis Microfinance Bank, http://microcapital.org/microfinanceuniverse/tiki-index.php?page=For…

MicroCapital Universe Profile: Nigerian Stock Exchange, http://microcapital.org/microfinanceuniverse/tiki-index.php?page=Nig…

MicroCapital Universe Profile: Fortis Mobile Money, http://microcapital.org/microfinanceuniverse/tiki-index.php?page=For…

Browse the MicroCapital Universe and add your entry to the wiki at: http://microcapital.org/microfinanceuniverse/tiki-index.php

 

 

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