While speaking during an interaction with journalists in Lagos, she stated that the bank sold off its remaining bad loans because it was spending a lot of time on debt recovery.
She stated that the bank was suspended by the Nigerian Stock Exchange for failing to file its financial statement, adding that the Central Bank of Nigeria wanted to confirm that its loans were not performing before the financial statements could be released
According to her, the filing of the financial statement was delayed because the bank expected to conclude a Memorandum of Understanding with investors.
Somefun disclosed that the bank would soon finalise the MoU, which would lead to capital injection into the financial institution.
She said, “We are still in discussion with different partners. We are concluding an MoU with some parties that we have selected and they are credible and serious parties.
“Even though we have closed the process, some of the parties we had engaged before are saying they want to invest, because now we look good.
“Two years ago, we were the one chasing them. But we have told them to wait until we close this deal and any other party that wants to join, we can talk under different arrangement.”
“So, I would call the incidence with the Nigerian Stock Exchange last week an unfortunate one because we had intimated the NSE about what we were doing. Unfortunately, the NSE decided to take that action on November 1 and immediately we complied, we were reinstated.”
She added that the bank had recorded recognition, public acceptance and diverse patronage that has not been enjoyed in the last three years.
“However, you will not see a reflection of that in the revenues because of the challenges of huge NPLs we had to contend with,” Somefun added.