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Skye Bank takes public offer to Rivers
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L-R: Acting MD, Sola David Borha, chairman, Atedo Peterside; both of IBTC Chartered Bank, and CEO, Standard Bank Group, Jacko Maree, at the farewell dinner in honour of Olu Akinkugbe, outgoing chairman of the bank
Skye Bank Plc, one of the emerging mega banks in the country has take its ongoing public offer to Rivers State, as the managing director, Akinsola Akinfemiwa says the bank seeks to raise over N50billion from the public.
Meanwhile, Chairman of the investors’ forum, renowned jurist and former chairman of the Constitutional Conference, Adolphus Karibi-Whyte said the bank has in excess of N32-billion as assets, with over 250 branches nationwide.
Karibi-Whyte announced that potential investors in the bank’s share offer, which is N14.00 would enjoy a discount, as the bank’s shares currently sell at over N16.00 at the Stock Exchange.
Reeling out the bank’s impressive financial profile, Akinfemiwa said Skye currently sits as the 8th bank in Nigeria; and would climb to 5th by the end of the public offer.
He assured that the bank would be making profit before tax (PBT) of N24.5 billion by the end of the 2008 financial year; while it would earn over N28 billion in 2009, which would jump to N31.2-billion by year 2010.
According to Akinfemiwa, Skye Bank would use the expected public offer fund to expand operations in areas where he said the bank enjoys comparative advantage, which include; project financing, real estate, maritime (cabotage) transportation, oil and gas; as well as expand branch network offshore.
He noted that the bank already has branches in Sierra Leone and would soon establish properly in The Gambia.
Endorsements of the public offer came from the president of the Port Harcourt Chamber of Commerce, Industries, Mines and Agriculture (PHCCIMA), Billy Harry; Gabriel Okara, octogenarian novelist and playwright; Manufactuers Association of Nigeria (MAN), Rivers State branch; chairmen of Ikwerre Road Shop-owners Association, Stockbrokers Association, Port Harcourt branch, Nigerian Automobile Technical Association, Independent Shareholders Association of Nigeria (ISAN), among others.
Karibi-Whyte announced that potential investors in the bank’s share offer, which is N14.00 would enjoy a discount, as the bank’s shares currently sell at over N16.00 at the Stock Exchange.
Reeling out the bank’s impressive financial profile, Akinfemiwa said Skye currently sits as the 8th bank in Nigeria; and would climb to 5th by the end of the public offer.
He assured that the bank would be making profit before tax (PBT) of N24.5 billion by the end of the 2008 financial year; while it would earn over N28 billion in 2009, which would jump to N31.2-billion by year 2010.
According to Akinfemiwa, Skye Bank would use the expected public offer fund to expand operations in areas where he said the bank enjoys comparative advantage, which include; project financing, real estate, maritime (cabotage) transportation, oil and gas; as well as expand branch network offshore.
He noted that the bank already has branches in Sierra Leone and would soon establish properly in The Gambia.
Endorsements of the public offer came from the president of the Port Harcourt Chamber of Commerce, Industries, Mines and Agriculture (PHCCIMA), Billy Harry; Gabriel Okara, octogenarian novelist and playwright; Manufactuers Association of Nigeria (MAN), Rivers State branch; chairmen of Ikwerre Road Shop-owners Association, Stockbrokers Association, Port Harcourt branch, Nigerian Automobile Technical Association, Independent Shareholders Association of Nigeria (ISAN), among others.
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