LAPO Declares Profit At Fourth AGM
NIGERIA’S premium micro-finance brand, LAPO Microfinance Bank, recently held its fourth Annual General Meeting at which the bank’s 2014 financial statements and reports were presented to stakeholders.
The report revealed that a profit after tax of N2.8 billion. The company’s customer base also grew from 1 million in 2013 to 1.4 million in 2014.
At the meeting, retiring directors were re-elected, while Akintola Williams Deloitte was reinstated as the external auditors of the organisation.
The bank’s Chairman, Board of Directors, Dr. Osaren Emokpae expressed great satisfaction with the banks performance in the financial year in focus.
He said: “The 2014 financial report is impressive not only in terms of the N92.4 billion disbursed which represents 48 per cent increase and also the number of people we were able to reach with our services which is over 1.4 million. As much as we want to be financially viable, we also importantly want to reach more people.”
The Managing Director of LAPO Microfinance Bank, Godwin Ehigiamusoe, also asserted that financial empowerment of micro-entrepreneurs is crucial for Nigeria’s sustainable economic growth and development.