The Africa Report has revised its earlier verdict on FinBank Nigeria Plc. The change in the earlier rating of the bank by the Paris based magazine was communicated to stakeholders via a letter signed by its Editor in Chief, Mr Patrick Smith.
The magazine had in its June to July 2009 edition published a report on Nigerian financial sector, where it categoriesd Nigerian banks into four, ranging from the sound to the distressed.
It stated that in the change of rating on FinBank, its initial findings, were not correct as “the bank is not in distress or in need of more capital.”
Nigerian stakeholders, including Chattered Institute of Bankers of Nigeria (CIBN) had dismissed the Report as questionable, mischievous and lacking credibility.
The Africa Report stated in its recent letter obtained by THISDAY that it based its assumption of FinBank on its audited financial statement for the year ended April 30, 2008, which was published in May 2009, and which showed the bank’s shareholders’ fund had reduced from N22 billion in 2007, to N10 billion in 2008.
In reversing its position, it stated that a further review of FinBank’s audited statements (after the June to July publication) as observed in note 40 of the financial report that following a successful public offer in January, 2006, the Nigerian Securities and Exchange Commission (SEC) approved the allotments of N101. 5 billion by the bank, being additional amount it raised as capital and which resulted in it having in shareholders’ fund, an amount in excess of N100 billion.
The magazine concluded that FinBank is strong, would adequately support its banking operations and has a positive outlook, owing to quality management and corporate governance.

Let their customers[b] Speak[/b] for them.