In line with the directive of the Central Bank of Nigeria (CBN) that all Microfinance banks operating in the country should shore up their capital to N3.5 billion by April this year, Baobab Microfinance Bank has announced that it has met and surpassed the threshold.
The Managing Director and Chief Executive Officer of the bank, Dr. Olanrewaju Kazeem, who disclosed this in a chat with newsmen in Lagos, said the capital came via retained earnings as against its initial plans to raise the money via rights issue.
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