News / Events

Contact Us

Head Office:
312, Effurun Sapele Road
Effurun-Warri, Delta State
Nigeria
Tel; +234-807-5787222
Email: headoffice@icglobalmfb.com

 

 

Chairman's Statement

Fellow shareholders, distinguished ladies and gentlemen, I am delighted to welcome you all to the 15th Annual General Meeting of your unique bank and to highlight the progress the bank has made during the 2009 financial year.
I wish to commend you, fellow shareholders, for the patience, support and cooperation that you have given to the bank in the period under review.


I am equally delighted to present to you a review of the developments and interplay in the financial summary of its performance for the financial year ended 31st March 2009.

 

The Economy


We were not immune to the effects of the national or global economic crisis characterized by weakened capital market and galloping inflation, but as they were daunting, they were not insurmountable.
Again the rate of growth of government revenue from oil and non-oil sources declined and national budget was able to achieve only an abysmal implementation rate.
Though the non-oil sector is beginning to show remarkable resilience in spite of the numerous constraints, likewise the banking sector through the consolidation and recapitalization as well as the injection of capital into the market to boost credit through many options like Expanded Discount Windows (EDW).
We at IC-Global Micro Finance Bank Ltd, are hopeful that credit growth which is central in banking system, shall be restored to the system as we believe the business is resilient and we are pursuing our focused strategy with strength and confidence.


Our Performance


During the financial year, we sharpened our focus on the robust execution of our strategic plans and high employee drive in winning in the market place.
I am pleased to report to you that the operating result presented to you today is a combined performance of the entire group comprising the acquired banks; Ndokwa Community Bank ltd, Iloho Community Bank Ltd and African Community Bank Ltd in addition to the new branches that been established.
However, I shall attempt to highlight the audited figures of the entire organization for the 2008 and 2009 financial year of your bank.

                                                                                                2009                       2008                       Increase
                                                                                                                                                                (Decrease) %
N000                      N000                            %
Turnover                                                                             446.476 154.517 188.95
Profit before tax                                                              48,015                   63,547                   -24.44
Profit after tax                                                                  39.12                     59,59                     -34.44

Appropriation
Statutory Reserves                                                         66,299                   56,532   `               14.73
Dividend Proposed                                                         9,655                     0                              965.5
Retained Profit                                                                 29,303                   44,695                   34.44

Balance Sheet
Total Assets                                                                        2,241,200             1,027,544             118.11
Liabilities                                                                              1,838,815             740,343 98.15
Shareholders Fund                                                          402,384 287,201 40.10

 

Dividend


The Board of Directors is recommending the sum of N9.655m as dividend payment for the year ended March 31st 2009. This amount translates to 4k everyone ordinary share. The approval of shareholders is hereby sought for this recommendation accordingly.

 

The Board


There were no changes on the composition of your board of Directors during the year. It is pertinent to note here that we are very fortunate to have members of Board of Directors of high quality and integrity with a good balance of skill and well committed.


In line with our policy thrust to attain good level of corporate governance, your directors attended a number of training courses to take your bank to an enviable status.

 

Branch Expansion


During the financial year ended 31st March 2008, your bank broadened it branch network which is consistent with the organic thrust growth pattern of the bank.
The first phase of the expansion exercise has the recorded growth with 28 outlets with a projected increase to about 30 offices.
We have the desire to commence the second phase on a new partnership platform with non governmental organizations to enable us reached out to micro credit beneficiaries.

 

Private Placement


The sale of shares through the private placement option with a commencement date of 24th November 2008 and an extension of the closing date, recorded a tremendous result. It attracted a commendable enthusiasm from various persons and groups, both by the old and new subscribers.
A total number of 103,683,372 shares were sold and the valued N166,879,757.
The certificates are already been prepared for collection pending when the issuing Houses that handled the sales, as required b the conditions specified the regulatory authorities, would have finalized arrangements for the consolidation of the shares to reflect the new status of the bank.

 

Acquisition of New Software/Wide Area Network


In order to retain the customers of the bank and to sustain the bank in the competitive banking climate, along with the scope of expansion, it become imperative that we acquire a new software that shall accommodate a wide Area Network facilities to enable us provide on-line banking.


For us to succeed in this challenge, we have engaged the services of a company that is specialized in the area, Probax Information System based in Cyprus at a conservative cost of N56m

 

 

Consolidation


It is with great joy that I announce to you today that your bank has succeeded in getting the final license to operate as a Micro Finance Institution by Central Bank of Nigeria (CBN).


This goes in a long way to confirm to you that your bank has fulfilled all the necessary conditions as contained in the guidelines in the establishment of a Micro Finance Institutions.

 

Social Responsibility


You may recall that at the last financial year, a partial suspension was placed on social responsibility in order to position our self for the expansion programme as well as the enlarge status of the bank.


Although, within the period under review, we were partially still committed to our responsibility in order to position our self for the expansion programme of the bank.


We do believe that social responsibility activities shall commence gradually in earnest to position our self in a vantage point of relevance in the operation environment.

 

Conclusion


While we appreciate our shareholders, customers, employees and other stakeholders for their continued support, we wish to assure you, on behalf of the Board and management, of our preparedness to focus on the core business of empowering the communities.


Distinguished shareholders, we thank you most sincerely for your cooperation and perseverance over the years.

 

Barr. (Chief) Joe Arausi

Chairman