WATCH THE VIDEO HERE The Federal High Court sitting in Abuja on Thursday reduced the share capital of the Women Development Micro-Finance Bank Limited from N200 million to N50 million based on its request. The bank which listed the Corporate Affairs Commission (CAC) in its motion ex-parte marked FHC/ABJ/PET/5/2024, explained that the approval and confirmation of the reduction of shares by the applicant are required by law. The request was in the bank’s motion, as seen by Naijaonpoint. At the resumed sitting, the bank’s lawyer, Nurudeen Baba Bukar told Justice Binta Nyako that it was equitable and just to grant his application in line with the resolution of the bank. He explained that the application is brought under Section 131 of the Companies and Allied Matters Act 2020 as well as the jurisdiction of the court. At the end of the proceedings, Bukar told Naijaonpoint exclusively that his client needed the confirmation of the Federal High Court because it has “creditors whose interests may be affected by such a reduction.” The lawyer however submitted that the court was satisfied that the reduction would not affect the interest of creditors
Court reduces Women Dev microfinance Bank’s share capital from N200 million to N50 million
