The Director, Other Financial Institutions, Central Bank of Nigeria, Martins Olatokunbo, has lauded the management of Crownrise Finance Plc for its N1bn bond issue to prospective investors.
She said the funds, if judiciously used, could boost the Small and Medium-sized Enterprises subsector of the economy.
Martins spoke as the keynote speaker at the stakeholders’ luncheon and introduction of a N1bn investment note, called Crownrise Bond to prospective investors in Lagos.
The CBN director assured stakeholders at the event that the regulator would continue to provide a level-playing field for all institutions in the subsector, towards the realisation of their business objectives.
She said she was excited about the timeliness of the bond, pointing out that it signified the return of confidence into the industry.
Martins explained that the finance company subsector of the economy was expected to play complementary roles to the Deposit Money Banks and other financial institutions by bridging financial gaps in the economy.
Crownrise, which began operations in 1991, will have the bond floated this month.
The CBN director said, “This is the first feat of this nature in this sub-sector; the issuance of a N1bn investment note – the Crownrise Bond. This is an exciting feat for all of us, and it will mark a turning point for the sub-sector. I, therefore, wish to congratulate the board, management and staff of Crownrise Finance Company Plc for this laudable achievement.
“One of the major policy thrusts of the financial company subsector is the establishment of finance institutions to operate within the middle-tier of the financial system with a focus on the Small and Medium-scale Enterprises segment.”
The Chairman, Crownrise Finance, Mr. Jonathan Babalola, said finance companies had played significant role in the course of its intermediation.
He recalled that the subsector had witnessed some challenges that led to the death of some operators.
The Managing Director/Chief Executive Officer, Crownrise, Mr. Babatunde Rufai-Lariba, saw finance house business as a critical support for the SMEs, the engine of economic growth.
Today, we see huge opportunities in the Nigerian economy which requires the critical services of finance houses for activation and realisation.”
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