LAPO Microfinance Bank hits N2.8 bn profit

The Chairman, Board of Directors, LAPO, Dr. Osarenren Emokpae  made the revelation  at the 4^th annual general meeting of the bank. According to him, “the company’s profit after tax for the year 2014 was N2.8 billion adding that the client’s base increased from 1.03 in 2013 to 1.4million in 2014, while disbursement increased to N92.4billion, which  he said represents 48 percent increase from 2013 performance.

“The 2014 financial report is impressive not only in terms of the N92.4 billion disbursed which represents 48% increase but also the number of lives we were able to reach with our services, which is over 1.4 million clients, as much as we want to be viable, we also importantly want to reach more people”, he said.

Managing Director of the bank, Mr. Godwin Ehigiamusoe said  LAPO will continue to consolidate on its accomplishments as well as sustain the commitment to build an excellent institution, through  development of appropriate information technology architecture, sound corporate governance and risk management process.

LAPO Microfinance Bank is a pro-poor financial institution committed to the social and economic empowerment of low-income households through provision of access to responsive financial services on a sustainable basis. The Institution was established in the late 1980s as a Non-Governmental Organization (NGO) by Godwin Ehigiamusoe in response to the effects of the implementation of the Structural Adjustment Programme (SAP) in 1986.

In 2010, LAPO MfB obtained the approval of the Central Bank of Nigeria (CBN) to operate as a state microfinance bank and in 2012; it got an approval as a national microfinance bank. Over the years, LAPO MfB has emerged as a leading institution delivering a range of financial services to over a million people in Nigeria.