Infrastructure Bank Rebrands, Targets N1trn Capital Base To Support Govt

The Infrastructure Bank Plc has unveiled a new logo with unique features as part of its rebranding efforts to be in tune with international best standards in infrastructure financing. The bank said it now stands at the threshold of a new era, an era defined by fresh perspectives, innovative approaches, and a renewed sense of purpose.

Acting managing director/CEO of the bank, Nkiru Chime said “Our new logo, unveiled before you, represents not only our commitment to change but also our acknowledgement of the evolving needs of our nation.” She made the remarks at the unveiling of the logo for rebranding in Abuja on Wednesday.

The MD said TIB is recapitalizing to take its minimum share capital to N10 billion and to grow its balance sheet to N100 billion over the next 18 months. She said the bank will now attract more funds for funding “other transactions and grow the capital base or the available resources of the bank to about N1 trillion within the next five years.”

Group managing director of Norrenberger Financial Group, the core investor in the Infrastructure Bank, Anthony Edeh said the rebranding of the bank is another way of reaching Norrenberger’s self-imposed goal of expanding its footprint across Nigeria and having a financial product in every home by 2030. With the acquisition, he said, “We are expanding our footprint across Nigeria in areas that touch the lives of Nigerians and in areas that enhance the living standards of Nigerians.

He said the acquisition of The Infrastructure Bank is a move to bring the cerebral capacity of private enterprise into infrastructure development on the government side.

There had been inefficiencies in financing government infrastructural contracts.

Chime said the now-rebranded Urban Development Bank of Nigeria Plc will prioritize projects that align with sustainable development goals, promoting green and resilient infrastructure solutions, while actively championing and facilitating public-private partnerships to unlock new avenues for infrastructure financing.

She said the bank will diversify its investment portfolio to encompass a wider range of infrastructure projects, from transportation and energy to healthcare and education. The aim is to enhance the ability to meet the diverse needs of the market.

“Our promise to you, our valued stakeholders, is that TIB will continue to be a driving force in Nigeria’s infrastructure development. We will adapt, innovate, and collaborate to address the challenges and opportunities that lie ahead.

“The unveiling of our new logo represents not just a visual change but a profound commitment to shaping a brighter, more prosperous future for Nigeria through infrastructure development,” Chime said.

Director in the Federal Ministry of Finance and board member of TIB, Ali Mohammed said his ministry identified with the bank because it has taken a new turn to support infrastructure development in Nigeria. “This is like a departure from the old fashion. The new management and appointments have brought a lot of change to the operations of the bank. Innovation, technology and strategic thinking are what we now have in TIB,” he stated.

The bank MD said her administration will embrace innovation and technology in its operations to enhance efficiency, transparency, and the delivery of world-class infrastructure financing solutions. “Our investment in cutting-edge technology will empower us to respond swiftly to the evolving infrastructure landscape.”