Crownrise Finance Plc, one of the first Finance Houses licensed in 1992 by the Central Bank of Nigeria (CBN) will float a N1 billion bond by April 1t5, 2018, Babatunde Rufai-Lariba , managing director/chief executive officer (CEO) of the company disclosed at a stakeholders’ luncheon and introduction of the N1 billion investment note in Lagos.
Rufai-Lariba said the Crownrise N1 billion investment note would offer investors adequate funds to support individuals and businesses pushing to explore the opportunities offered by the Nigerian economy.
The CEO of Crownrise said through the bond offering, there would be needed financial support to millions of individuals, small and medium businesses pushing to explore the huge opportunities offered by the Nigerian 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,” he said.
Rufai-Lariba affirmed the company’s believe in the importance of finance houses business as a critical requirement for supporting small and medium level enterprises which is an engine of growth in any developing economy. “Today, we see huge opportunities in the Nigerian economy which requires the critical services of finance houses for activation and realization. We are seeing openings in small, medium enterprises and if we can explore these areas, there are so many opportunities still available that finance houses can still play their roles; we are talking about leasing, loan granting, finance lease, operating lease and so many businesses, project financing and startups,’ the CEO of the foremost finance house added.
According to him, Crownrise has over the years operated within the subsector as a responsible and dependable operator with integrity as its core values. “Transforming opportunities to posterity, while many things have changed during our 28 years history, the company was incorporated in 1990, we started operations in April 4, 1991 and by this April we will be 28 years incorporated and 27 years in operations. While many things have changed during this period, some things are yet to change; our commitment to integrity in doing business in the most ethical manner has not changed,” he said.
Tokunbo Martins, director, other financial institutions department (OFID), Central Bank of Nigeria (CBN), speaking at stakeholders’ luncheon to introduce the investment note, said institutions like finance houses are established to operate within the middle-tier of the financial system with a focus on the small and medium enterprises (SMEs) segment.
She noted that it was the first time an institution in the finance subsector of the Nigerian economy was embarking on exploring an alternative source of raising funds to boost its operations which has been identified as a major challenge in the subsector.
She commended the board, management and staff of Crownrise Finance for this feat, “One of the major policy thrusts of the subsector is the establishment of finance institutions to operate within the middle-tier of the Nigerian financial system with focus on small and medium businesses,” she said.
“The subsector is expected to play complementary roles to the deposit money banks and other financial institutions by bridging financial gaps and meeting the financial needs of its target customers. But most of the financial companies have not demonstrated the capacity to deliver on this mandate due to paucity of funds, among others,” she said.
“But most of the financial companies have not demonstrated the capacity to deliver on this mandate due to paucity of funds, among others. Appropriate products that would attract investors to the market were identified and categorized as permissible activities for operators.”
The director of OFID at the CBN said the bond issuance will allow other finance houses to follow suit and access cheap funds by making use of available resources in the debt market.
Crownrise Finance Plc (formally Crownrise Finance and Investments Plc) was incorporated in 1990, and licensed as one of the first set of Finance Houses in 1992 by the Central Bank of Nigeria, to render an extensive array of financial and investment products and services. On March 28, 2000, the company converted to an unquoted public limited liability company having had more than 50 shareholders as required by law. In 2017, the company changed its name to Crownrise Finance Plc to reposition itself and moved to its owned house as a corporate head office. The Company’s share is adequately capitalized well above the CBN and other regulators’ minimum share capital requirements.
In the year 2016, the company in its course to reposition itself and its operations in anticipation of growth in its business, changed its name from Crownrise Finance and Investment Plc to Crownrise Finance Plc and also acquired its Corporate Head Office, situated at 28A, Oguntona Crescent, Gbagada Phase 1, Gbagada, Lagos-Nigeria.
The completion and final movement into its owned head office was realized on February 15, 2017. Over the years, the company has built a strong growing capital base and solid reputation for being responsible and dependable with integrity as its core value. The success story of the company till date is impinged on strong Leadership provided at all times and strict adherence to regulatory and statutory laws of the country.
The company also has a branch office in Abuja, the federal capital city of Nigeria. The company is a member of both the Finance Houses Association of Nigeria (FHAN) and the Equipment Leasing Association of Nigeria (ELAN).
As at the time of filing in this report, further details and a breakdown of the Crownrise N1.0 billion investment note has not been furnished by the company.
Source: Invest Advocate