Omoluabi Savings & Loans Plc Lists on ASeM

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L – R shows Executive Director, Business Development, NSE, Haruna Jalo-Waziri; Chief Executive Officer, The Nigerian Stock Exchange (NSE), Oscar Onyema, Chairman, Omoluabi Savings & Loans Plc./Commissioner for Finance, Osun State, Dr. Wale Bolorunduro and General Manager/CEO, Babatunde O. Alao at the listing of Omoluabi Savings & Loans Plc shares at the Nigerian Stock Exchange today November 4, 2014.

From Benjamin A Ameh, Lagos

Further landmark achievement has recorded in the Nigerian capital market as the regulators continually to encourage indigenous firms to list their shares on The Exchange.

Today, November4, 2014, The Exchange has listed the first Saving & Loan mortgage on the Alternative Securities Market (ASeM), on the Daily Official List (DOL).

About OMOLUABI SAVINGS AND LOANS PLC

Omoluabi Savings and Loans Plc provides mortgage banking and financial services. It offers banking products, mortgage facilities, fund management, and treasury services. Omoluabi Savings and Loans Plc was incorporated in 1993, based in Osogbo later privatized by the Osun State government which gave way to be listed on the NSE today.

The Chief Executive Officer of Omoluabi Savings & Loans Plc, Babatunde Alao who was enthusiastic about the company going public, pointed out that the completed Initial Public Offering (IPO) in December 2013 and the listing of 5,000,000,000 ordinary shares of 50kobo each of the company, at N0.55 per share on the Alternative Securities Market (ASeM), was a huge success.

Alao further stated that the listing of the shares, which had been in the pipeline for some months, would give the company more visibility and aid growth to achieve its vision of being the number one savings and loan company listed on the Alternative Securities Market (ASeM) of The NSE.

The Chairman, Board of Directors of Omoluabi Savings and Loans Plc, Dr. Wale Bolorunduro said, “We believe this is another landmark achievement for the shareholders of this notable company, who on a yearly basis will collect dividends, and also an investment opportunity created for the country”.

Bolorunduro reiterated that “We believe in fundamentals of the company, we will strive hard to sustain our performance”. The belief is that the company will now have more capital to trade and lend to clients, who are the recipient of mortgage services. Omoluabi will now have the capacity to lend to people who want 10, 20 years mortgage to buy a house from four to ten million naira.. So, think of a multiplier effect of increasing the shareholders’ fund, which enables you to do more business in terms of capacity as a bank; it will also enable you to attract more deposits because there is always ratio between your shareholders fund and your deposit. Now, it can take more deposit and it can also do more business” stated Bolorunduro.

While the Executive Director Business Development of The NSE, Haruna Jalo-Waziri on his part revealed that “The ASeM Board allow issuers, especially indigenous companies the opportunity to inject relatively low cost and long term capital into their businesses through flexible rules that recognize their growth potential rather than the size of their operations. Omoluabi Savings & Loans Plc will be the first new listing on the board since its official launches in 2013, hence a remarkable achievement by The Nigerian Stock Exchange.”

 


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