12 August 2008
Lagoon Home Savings and Loans Ltd, one of the nation's frontline primary mortgage institutions and a subsidiary of Standard Alliance Insurance Group, has fixed Thursday 14th August, 2008 to hold its 15th annual general meeting at the Imperial Chinese Cuisine on Ajose Adeogun in Victoria Island, Lagos.
In a release signed by the Group's Head of Corporate Communications, Mr. Nelson Egboboh, shareholders shall, among the businesses lined up for the day, be asked to consider and if thought fit, pass a special resolution authorizing the directors to issue 3,539,355,558 units ordinary shares of 50 kobo each for subscription by way of private placement at a date or time to be determined by the directors.
According to Egboboh, owners of the bank shall be receiving and considering the financial statement of the bank together with the report of the directors and auditors for the period ended 31st December, 2007.
He noted that apart from re-appointing and authorising the directors to fix the remuneration of the auditors, the shareholders shall be re_electing directors retiring by rotation.
Meanwhile, the Managing Director of the mortgage institution, Mr. Kehinde Taiwo, has said that as part of current efforts at repositioning the bank to a medium sized type, the management has evolved a new business strategy for the bank which will see it grow the asset base from its current N4bn to N20bn and achieve a profit level of N500million by the end of this year.
Towards realizing this objective, the MD said "we have commenced deployment of a new banking solution with capabilities for internet banking, ATM and SMS banking and we have lined up new products to be unveiled very soon for all classes of the Nigerian public," adding that "these are being done to give vent to our aggressive plans to open ten new branches in some strategic states of the federation before the close of this year."
It will be recalled that during the course of 2007, Standard Alliance Insurance Group acquired controlling interests in the mortgage bank through its Life subsidiary.At the moment, the bank thrives in the provision of, among others, home loans, housing financing and deposit mobilization.
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