Infinity Trust Mortgage Bank (ITMB) Plc yesterday announced plans to raise additional N50billion via private placement on the backdrop of expanding to becoming a digital commercial bank.
The bank’s Chairman, Ene Iyana, revealed this plan during a “Facts Behind the Figures” presentation at the Nigerian Exchange Limited on Thursday.
She explained that the N50 billion capital raise via private placement is designed to unlock new opportunities for financial inclusion and position the bank as a leader in Nigeria’s mortgage industry.
“We plan to raise this capital from private individuals, institutional investors, and the investment community to capitalize on new opportunities and strengthen our position as a forward-thinking financial institution,” Iyana stated.
She added, “Our journey has been marked by dedication, consistency, and a commitment to excellence. We are proud that Infinity Trust Mortgage Bank has maintained a strong record of profitability and dividend payments, even before its listing on the NGX.”
According to Iyana, the funds will be allocated to key strategic areas, with 50 percent designated for stability reserves and 20 percent for technology investments.
“We are fully committed to leveraging technology to enhance our operations and deliver better value to our customers. This includes reducing operational costs and improving returns on investment,” she said.
Additionally, the Acting Chief Executive Officer of Infinity Trust Mortgage Bank, Ngozi Chukwu, highlighted the bank’s recent achievements, including an increase in dividend payments.
“Our dividend payout increased by 115 percent, reflecting our dedication to delivering value to our shareholders,” Chukwu noted.
Chukwu also mentioned projects financed by the bank, including an estate in Abuja, and added, “We have expanded our reach beyond Abuja, with a major project in Lagos called Sky View Estate, which is currently 40 percent complete. Once finished, it will offer luxury apartments for 40 families.”
On that research, she said, “ITMB will leverage on technology and digital tools to reach the target customers in an efficient manner that would lead to lower interest rates and higher returns through volume of transactions. So, technology here is very key for us.
“Our target customers will be MSMEs, unserved and underserved by microfinance bank and commercial banks.”
On driving financial inclusion, she explained that the company tends to provide financial services to underserved and underbanked individuals to align with CBN’s strategic goals of increasing the financial inclusion rate to 80per cent.
Addressing the capital-raising efforts, the Chief Executive Officer of the Nigerian Exchange Limited, Jude Chiemeka, expressed confidence in the market’s ability to support Infinity Trust Mortgage Bank’s objectives.
“The NGX has facilitated capital raising to the tune of N5.7 trillion across various asset classes through advanced technology and market infrastructure. Our secondary market also ensures liquidity, allowing investors to trade their shares seamlessly,” Chiemeka said.
He emphasized the NGX’s commitment to promoting infrastructure funding through innovative financial instruments such as infrastructure bonds and funds.
“These tools are essential in bridging Nigeria’s funding gap and driving sustainable economic development,” he added.
