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The Central Bank of Nigeria (CBN) will continue to provide a level playing grounds for all institutions in the Finance Company sub-sector, while enjoining Crownrise Finance plc to deploy its N1 billion bond to the required sector of the economy to attract returns.
Tokunbo Martins, director, said this on Thursday at the stakeholders luncheon and introduction of N1 billion investment note by Crownrise Finance plc to prospective investors. The Crownrise bond will be open to the market on April 15, 2018.
The bond is a private placement instrument with six years tenure and would be channelled to leasing, loan granting, and project finance among other areas.
Martins said prospective investors considering fixed-income securities are enjoined to invest in Corporate Bonds which some have been described as the last safe investment as the yields of many variable-income securities declined after the financial crisis, the interest rates paid by Corporate Bonds made them more appealing.
“It is expected that the raising of this fund would assist the company reposition itself in delivering of its mandates”, she said.
Continuing, she said, “, it is expected that the proceeds from the proposed Crownrise Bond issue by Crownrise Finance Plc would be judiciously applied by the management of the company to boost the SMEs subsector and the Nigerian economy in generally, while at the same time meeting the needs and expectations of all”.
Babatunde Rufai-Lariba, managing director/CEO, Crownrise Finance, sees huge opportunities in the Nigerian economy which require the critical services of finance houses for activation and realisation.
“As a firm believer in the mission and importance of the subsector, we have decided to rise to the occasion, by mobilising the required resources that will enable us support economic players committed to tapping the opportunities in the Nigerian economy for business growth, employment generation and prosperity for individuals and families”, he said.
Speaking further, Rufai-Lariba, said “Through the Offer, we are inviting you to join us in our quest to provide the much needed financial support to the millions of individuals and businesses pushing to explore the huge opportunities offered by the nation’s economy.
We believe with your support, we would not only succeed, we would exceed expectation and thus reassert the important role of finance houses like Crownrise Finance Plc in economic growth of Nigeria”.
In response, Elizabeth Ehigiamusoe, director, Equipment Leasing Association of Nigeria, (ELAN), said, “we are committed to be part of this bond issuance. We will communicate to other members of ELAN”.
The history of Crownrise Finance dates back to 1991 when it commenced operations in a rented apartment on Ikorodu road, Lagos State.
Since then, and in spite of the various upheavals in the nation’s economy, including the global economic crisis of 2008/2009, the worst economic recession in three decades, challenges in the financial sector which occasioned the exit of many top financial institutions and actors, Crownrise has continued to operate, developing a reputation for prompt and efficient service delivery to customers.
“In the finance house subsector, we have over the years established ourselves as a responsible and dependable player with integrity as its core values”, Rufai-Lariba said.
HOPE MOSES-ASHIKE
