The acting Managing Director/Chief Executive, The Infrastructure Bank (TIB), Nkiru Chime, yesterday disclosed that the bank is currently undergoing a recapitalisation drive to make it more resilient.
She said the bank plans to raise the minimum share capital to N10 billion in the immediate- term and N100 billion in the medium-term, within the next 18 months.
Norrenberger Financial Group recently emerged as the core investor of TIB following a privatisation exercise that resulted in the private sector entities holding 79.56 per cent equity in the bank.
The federal government which is represented by the Federal Ministry of Finance Incorporated (MOFI) holds a 10 per cent stake in the bank while the state governments represented by the Nigeria Governors’ Forum (NGF) accounted for 5.22 per cent of equity holding in TIB.
Also, all local governments in Nigeria represented by the Association of Local Governments of Nigeria (ALGON) account for 5.22 per cent stake in the rebranded infrastructure company.
The bank has consequently unveiled a new corporate logo to reflect its new equity composition.
Speaking at the ceremony in Abuja, Chime said the privatisation of TIB was meant to bridge the funding gap that exists between the availability of public funds and the immense capital requirements of infrastructure projects. She said the company would be committed to unlocking developmental opportunities and accelerating socio-economic development in various sectors.
She said the bank would also create avenues for forward-looking and innovative solutions in infrastructure development, as well as mobilise funding and attract private sector participation in sustainable Infrastructure projects – and deploy capabilities and technical know-how of successfully- operating entities in the financial services industry to bear on the bank’s operations.
She said, “Under Norrenberger’s leadership, TIB has emerged as a trailblazer in the realm of Public-Private Partnerships (PPPs).
“This innovative approach to Infrastructure financing has set the stage for collaboration between the public and private sectors, unlocking new avenues for funding and project execution.”
