Canary Point plans listing on NGX, seeks commercial banking licence

Canary Point Holdings Limited is planning a stock market listing on the Nigerian Exchange Group (NGX) and the acquisition of a commercial banking licence as part of efforts to expand its operations.

Idris Ibrahim, group managing director, Canary Point Holdings who made this known during the organisation’s induction of new board members and trustees of its subsidiaries in Lagos recently, said Canary plans long term on becoming a commercial bank and listing on NGX.

“We plan listing on NGX as a long-term goal. Maybe like three to five years from now,” he said.

“We divested from BDC and IMTO licences in 2024 to focus on the long-term goal of becoming a commercial bank,” he added.

Ibrahim also shared the organisation’s five-year growth strategy plan of consolidating its businesses to provide the foundation for raising capital for expansion.

He said the company’s vision is to continuously invest in people, tech and processes to drive innovation, maintain competitiveness and reinforce a customer-centric approach.

He explained the group’s steady growth since inception, tracing its expansion from a Bureau De Change in 2009 to a diversified financial service provider.

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The group managing director listed key milestones to include, the acquisition of Swift & Allied Partners’ Lenders License in 2012, marking an entry into structured financial services and the purchase of Assets Microfinance Bank in 2017, strengthening its retail banking capabilities.

Kayode Lambo, group board chairman of Canary Holdings in his welcoming address to the new board members, said the inducted board members would bring their collective experience and expertise to drive the organisation’s growth.

“As board members, we are part of a unified team–each of us bringing unique perspectives, experiences, and skills,” he said.

“Our strength lies in our ability to collaborate effectively, challenge each other constructively, and always place the best interests of the organisation, its employees, and its stakeholders at the forefront of our decision-making,” he added.

According to him, two of the board members have lots of experience in fintech which will help steer the organisation’s growth in fintech.

He explained that the induction programme is designed to equip board members with the necessary knowledge to make informed strategic decisions.

Also, Emmanuel Bassey, MD, Assets Microfinance Bank, said the induction of the board members is to chart a new course for the business.

“We see the need in the industry in blending products and people making the products fit and that is what Canary is all about.”

“Making products that help people get to where they want to be and where they want to go.”