Cititrust Financial Services Plc, a leading pan-African investment group with 10 subsidiaries is planning to list by way of introduction to the Nigeria Stock Exchange (NSE) by the end of Q2, 2021.
Mr. Ikechukwu Peter, the Country Chief Executive, Cititrust Financial Services Plc in Nigeria disclosed this at a recent parley with financial correspondents.
This would help deepen activities in the group as it repositions its subsidiaries to sustain value, profitability, and dynamism in the various segments of the financial and capital market.
He said since 2006 Cititrust has evolved from a largely unstructured financial group to a strategic entity with key subsidiaries creating value in the African and Nigerian market.
Through microfinance banking the group has been able to carry out effective service delivery by penetrating the unstructured informal market, empowering small businesses, and adopting a minimal risk approach.
He said the Cititrust group MSME banking transactions were below 3% and were within the regulatory threshold of 5%, with effective monitoring applied to loan disbursements.
According to him the group which started as a lending company broadened its scope to address its customers’ needs with services in the following areas; microfinance, financial intermediation, HMO, mortgage banking, investment banking, lending services, stockbroking, and asset management.
He stressed that the goal of the group is to serve as a one-stop financial and investment hub in the region, providing innovative and dynamic services across the market.
Speaking further on the activities of the Group, he said it had a 60% stake in Omoluabi Mortgage Bank (Now Livingtrust Bank) with the plan to migrate from regional to national banking level.
With COVID 19 reinforcing the need to leverage digital technology, he said the Group is already working out modalities to set in motion its fintech platform between April and December 2021.
He also informed the financial correspondents that Cititrust plans to launch its online platform by April 2021 to bring efficiency and innovation to the market.
In terms of its finances, he said Cititrust as a Group had N36bn in its balance sheet and continued to drive its operations in a manner that achieved profitability.
Other plans of the Group highlighted include;
- Positioning its subsidiaries to be among the top 5 in the country by mid-2022
- Secure the license for Merchant bank by 2024
- Transforming from a Mortgage bank to a Commercial bank status by 2023
For businesses that were affected by the COVID 19 pandemic, he advised them to reposition themselves strategically in value-driven leveraged partnerships.
Looking at the Nigerian economy he called for increased Public-Private partnerships and an enabling business environment to attract investments that could create jobs and improve productivity. He also called on the government to invest in infrastructure that covered areas like power, good road networks, rail, and even broadband technology.
Cititrust Holdings Plc has operations in South Africa, Ghana, Botswana, Kenya, Liberia, and even Sierra Leone amongst other African countries.