The non-executive directors of NPF Micro Finance Bank Plc received N264.5m remuneration after the company grew its gross revenue from N3.bn in the second half of last year to N4.5bn in 2023.
The bank’s profit after tax grew by 135.3 per cent from N444.85bn to N1.04bn in the second half of the 2023, the company’s books reveal.
However, the company’s administrative expenses rose 24 per cent to N1.17bn in 2023 from N947.9bn spent in 2022 first half, while personnel expenses which includes wages, salaries and pension cost rose from N974.78m in 2022 to N1.39bn in the corresponding period of 2023.
The company’s financial statement, analysed by THE WHISTLER showed that N264.5m out of the N1.17bn administrative expenses was used to remunerate seven non-executive directors of the company, excluding their pension costs.
The remuneration cost rose by 59.4 percent compared to the N140.6m they received in the first half of last year.
The seven non-executive directors are: AIG Bello Makwashi, Non-Executive Director representing the interest of the Police Cooperative Multipurpose Society Ltd; DIG. Hashimu, Salihu Argungu (Rtd); CP Usman Isa Baba; Mrs. Rakiya Edota Shehu and Mr. Said Fagge, representing the interest of the Nigeria Police Multipurpose Cooperative Society Ltd.
Others are Abdulrahman Satumari, the Chairman of Board Audit Committee as an Independent Non-Executive Director and Uzairu Abdullahi, representing the interest of the Nigerian Police Welfare Insurance Cooperative Society (NPWICS) Ltd on the Board of the Bank.
During the six months period, the directors were paid N12.5m fees, N39.1m sitting allowances, executive compensation was N43.3m while other expenses linked to the directors were N169.6m.
Meanwhile, NPF MFB spent 132.5m on computer expenses, down from the N190.3m spent last year, used N106.6m as office expenses, spent N104m as vehicle and generator running cost, up from N93.9m spent in 2022.
Its repairs and maintenance cost rose by N11m to N82m, travel expenses and charges/levies where N53.2m and N40.9m respectively. The bank also spent N56.5m on electricity bills, a rise from the N39.4m spent in 2022.
The bank witnessed the growth of its assets base from N34.49bn in December 2021 to N41.8bn while liability also surged from N23.9bn in 2022 ending to N30.5bn in June, 2023.