TrustBanc Receives Shareholders’ Nod for Additional N1.5bn Capital Injection 

TrustBanc Holdings Limited has announced that its shareholders have granted approval for an additional N1.5 billion capital injection into TrustBanc Microfinance Bank Limited.

Also, it said its rating has been upgraded by DataPro from A to A+ with a stable outlook.

According to the rating note, the Long-Term Rating of A+ indicates Low Risk. 

 In a statement, it said the approval reflects the group’s strong financial strength, excellent operating performance, and growing business profile.

The approval, it added, aims to further reinforce its position as a leading lender in the public sector segment and facilitate its expansion into other retail lending segments.

Group Chief Executive Officer, TrustBanc Financial Group,  Mr. Abu Jimoh stated: “We are once again delighted to honour our commitment and redeem the series 11 issue upon its maturity. We extend our sincere gratitude to all the holders of this commercial paper. Their trust in us is a testament to our strong financial performance, robust business model, and growth strategy. As a Group, we take pride in contributing to the development of the Commercial Paper market through our association with the FMDQ. It is worth mentioning that TrustBanc was nominated, alongside MTNN and FCMB, for the award of the largest commercial paper lodgement on FMDQ last year.”