Jan 21, 2004 (LiquidAfrica via COMTEX) 

Major petroleum marketing company, Afri-can Petroleum Plc (AP) may become the major owner of IMB International Bank Plc following its on-going moves to acquire 45 per cent of the bank.

Already, the petroleum marketing company is said to have deposited money for preferential allotment of over 3.35 billion ordinary shares of the bank as reserved from a total of 5.8 billion ordinary shares which the bank is rolling out to the general public this week.

Apart from represeenting 60.86 per cent of the new issues being made by the bank to raise N3.074 billion from the public, the allotment of this volume of share to AP will raise the oil company's interest in the bank to 45 per cent.

Four of its existing major owners have also made request to acquire more shares to maintain their existin holdings.

These are, Petrolcarbon Technologies Limited of UK and Blue Marine & Union Limited, seven per cent each, Morgan Jack Edd 7.3 per cent, the Odogwu Group comprising of of Spenny-moores and SIO Properties) 15.9 per cent.

The bank and its financial advisers, Monday in Lagos, rose from a completion board meeting to roll out a total of 5.8 billion ordinary shares of 50 kobo each at 53 kobo per share for N3 billion from the offer which is the largest in the last five years. This is geared towards expanding the bank's operations.

Specifically, the purpose of the offer is to raise funds for the banks branch network expansion programme, enhance its existing information technology, repayment of money due to IMB Energy Master Fund as well as provision of additional working capital for the bank's operations.

The bank, now under the leadership of Mr. Sebastian Adigwe, forecasts a pre-tax profit target of N1.21 billion, N1.85 billion and N2.65 billion for year 2004, 2005 and 2006 respectively.

IMB was incorporated in May 1974 as the First National Bank of Chicago Nigeria Limited with a paid up capital of N0.5 million. In 1992, it became a publicly quoted company and currently has a paid-up capital of N1.022 billion.

Unlike its previuos ten-man board of directors, the bank currently has a eight-man board comprosing of Mr. Kenneth Odogwu, Chairman and recently appointed Managing Director/CEO, Adigwe.

Other directors of the bank are Alhaji Mohammed Kadiri Bala, Mrs. Adunola A. Akinyemiju, Alhaji Ahmed Rufai Mohammed of the Nigerian Social Insurance Trust Fund (NSITF), Mrs. Kemi Onalaja, Dr. Adrian Von Kaenel and Mr. Mogan gan Jack Edd while the company's Secretary is Mrs. Sally Uwechue-Mbanefo.

IMB has a diversified ownership structure. Its existing owners include four foreign institutional shareholders.

They are Spennymoor Limited UK and SIO Properties (Odogwu Group) which holds 15.99 per cent of the bank, J.E Morgan 7.34 per cent and Petrocarbon Technologies Limited UK and Blue Marine & Union Inc.

USA 7.1 per cent each, Blackstone asset Management Trust 5.39 per cent and NSITF 4.72 per cent.

The balance is held by Nigerian shareholders in such proportion that no other single investor currently holds up to 10 per cent of the bank.

AP is also one of the major petroleum products marketers quoted on the Nigerian Stock Exchange (NSE).

The Federal Government had in 1999 offered its 40 per cent equity interest in AP under the first phase of privatisation programme of the present civilian administration in the country.

Sadiq Petroleum emerged the core investor and acquired 30 per cent of the company while the balance of 10 per cent were offered to the investing public.

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