TO boost its services and operation, the Nigerian Police Force (NPF) Microfinance Bank last week met with its shareholders during which the former was tasked to ensure wider spread of the financial institution throughout the country.

The forum, which held in Lagos afforded the shareholders to appraise the performance of the bank and gave ways towards increasing the visibility of the bank.

Besides, the parley also created the opportunity for some of the rank and file of the Nigerian police men to rob minds with their former bosses like the retired Inspector General of Police (IGP), Alhaji Tafa Balogun among numerous other notable personalities at the event.

Welcoming the shareholders to the first interactive section in the history of the bank, retired Deputy Inspector General of Police (DIG), Mrs. Florence Adebanjo, said though the bank has done well, yet there was much room for improvement, hence the need for the forum, calling the shareholders to bare their minds on matters that will add value to the operation of the financial institution.

“It is great joy for me in particular to see for the first time our esteemed shareholders gather in a forum like this to relate, interact and discuss matters of common concern.  It is also my sincere hope that at the end of this event, we shall leave here better informed, and determined to take our great bank to higher heights.”

According her, the forum was majorly to interact “as you are free to bare your mind and ask questions on the bank’s products and services, its activities and strategic focus for the years ahead.  I would like to assure you that this bank is a bank you will love to continue to partner with.”

Reacting, the shareholders who first hailed the 10 kobo dividend payment approved by the bank’s board of directors, adding that the bank had out-paid and outperformed its peers in Nigeria’s financial system.

The shareholders also commended the board, saying that they have done well especially in growing the deposit base of the bank, imploring the management of the bank to make loans accessible to the shareholders by removing all the barriers to accessing loans from the bank.

However, they urged the board to increase the bank’s branch network by giving it even spread that reflects its ownership structure.

“The NPF has national spread and as such, we want the bank to have presence in every part of Nigeria especially in Onitsha, Aba, Uyo, Eket. This branching networking will enhance the value of the bank and also increase its deposit base”, the shareholders reasoned.

According to them, the leap from 2 kobo dividend paid last year to 10 kobo this year was a quantum leap, urging the board to do a rights issue for the shareholders.

The bank, they said, has growth prospects, describing it as a goldmine still waiting to be exploited.

The Chief Finance Officer of the bank, Jude Ohanehi Jude Chukwueloka, had in his presentation of the company’s financials in the past four years spanning 2008-2012, announced a dividend pay out of 10 kobo per share, pointing out that the bank has been performing well even during the global economic meltdown.

NPF Microfinance Bank Plc (Formerly NPF Community Bank Ltd) was incorporated on the 19th May, 1993 as a Limited Liability company under the provision of the Companies and Allied Matter Act cap c20LFN 2004.The bank provide Banking services to both serving and Retired Officers and men of Nigeria Police Force, its ancillary institution and general banking public.

The bank commenced business on the 20th August, 1993 at 1 Ikoyi Road Obalende, Lagos having obtained a provisional license to operate as a community Bank in July 12th 1993 from the Apex Bank. The Bank has branch offices in Ikeja, Abuja, Port Harcourt, Kano, Osogbo, Benin, Sokoto, Onistha and Akure. The bank has intention to have branches located in all the Police Zonal Commands of the federation and three of such are to be opened yearly.