NPF Microfinance Bank Plc (NGSE:NPFMCRFBK) has concluded plans to raise additional NGN 3 billion from the Nigerian capital market by way of rights issue and public offer. Usman Isa Baba, Chairman of NPF made the disclosure at the company's 21st Annual General Meeting (AGM) in Lagos. Baba said that the offer would open before the end of the fourth quarter of 2015.

Addressing shareholders, he said that proceeds from the offer would be deployed to shore up the capital base and ensure that the bank remained highly capitalized to transact more businesses. Baba said that part of the funds would be used for branch expansion to major commercial cities in the country to boost operational profit.