SATISFIED with the bank’s performance, the Nigeria Police Force (NPF) Micro-Finance Bank shareholders have hailed the 10 kobo dividend payment approved by the bank’s board of directors, saying that the bank has 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.

The shareholders, who spoke at the bank’s shareholder forum in Lagos at the weekend, 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 is 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.

Its Chairman, Mrs. Florence Adebanjo, had earlier urged the shareholders to bare their minds and ask question on the bank’s products and services, its activities and strategic focus for the years ahead.

The retired Deputy Inspector General of Police (DIG), said a study of the history of the bank, brough to light resilience, dynamism and consistency.  “It’s resilience is evident by the ability to raise additional capital from the initial capital of N500,00 to almost N2b fully paid-up shares.  The dynamism of the bank is manifested in its response to changes in macro economic policies of government without going under.”

The Chief Finance Officer of the bank, Jude Oyinado, 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.