Nigeria: Infrastructure Bank announces N973m profit before tax in 2014

Infrastructure Bank joins METSL to build Lagos metro rail-transit.

*Infrastructure Bank joins METSL to build Lagos metro rail-transit.

13 September 2015, Lagos – The Infrastructure Bank Plc, TIB, on Friday announced N973 million as profit before tax for its 2014 financial year.

The Chairman of the bank, Alhaji Lamis Dikko, stated this in his Annual Report at the bank’s Annual General Meeting at Transcorp Hotels, Calabar. .

He said that the figure showed a marginal improvement over its 2013 profit of N875 million.

He said that a strong set of results posted by TIB in 2014 fostered a trend of positive performance by the bank.

Dikko said that the performance of the economy in 2014 also determined the bank’s profit in the financial year.

“In 2014 the Nigerian economy faced several challenges some of which were heightened by the fall in oil prices.

“Conversely our pipelines of opportunities increased, a function of the bank’s increasing stature in the market and the significant latent demand for infrastructure assets development nationwide

He said that the recapitalisation programme had further strengthened the bank, adding that the TIB would continue a programme of raising additional capital to fund the growth plan targets.

In his remarks, the Managing Director of the Bank, Mr Adekunle Oyinloye, said that in line with bank’s objectives to attract co-investors and third party fund investors, it recently established a 500 million dollars “Nigeria-focused Infrastructure Fund”.

He said the fund was established in collaboration with the United Kingdom-based fund manager, Gemfonds Plc, and Spain-based Sigrun Partners SL.

Oyinloye also said that the fund provided a unique opportunity for local and international investors with an appetite for creating exposure to our pipeline of commercially attractive and value-adding infrastructure projects.

He expressed confidence that the bank’s balance sheet for 2015 would be further strengthened with fresh capital to meet strategic objectives and regulatory requirements.

“The Infrastructure Bank brand continues to grow in stature by dint of the commitment and hard work of everyone involved with the bank,” he said.

In her report, the Bank’s Acting Company Secretary, Mrs Ezinwanyi Ken-Ahia, said that the bank considered employment of disabled persons with due regards to their abilities and aptitudes.

The News Agency of Nigeria (NAN) reported that the bank was first established in 1992 as Urban Development Bank and reverted to The Infrastructure Bank in 2011.

Dikko also said in an interview that the bank’s management was in Calabar to partner the state government on infrastructure development.

He said that such partnership would include how the bank could key into the construction of the proposed seaport and a super highway by Gov. Ben Ayade’s administration.
*The Guardian

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