NEW IDEA FINANCE SERVICES MOVES UP TO 20 MILLION CAPITALISATION

The New idea Finance Services has been incorporated with the Corporate Affairs Commission. The Certificate of Corporation RC No. 905589. dated August 11, 2010 states the full name of the company as New Idea Finance Services International Limited.

The Company is mandated in its Articles and Memo of Association to provide financial advice, trading in financial services as well as carry on the business of providing loans, trading in shares and repurchase financing.

The Capital of the firm is N20million (Twenty Million Naira Only). The subscribing directors are Professor David Iornem, Dr. Mrs Esther Iornem, Mr. Fanen Iornem and Mr Masevh Hemba Wusachi Atsen. Mr Masevh is the first non-family member to join the New Idea Group as a share-holding director. He was requested to join the board of the company because of his expert knowledge in financial and accounting issues.

According to the founding director of the New Idea Finance Services, Prof David Iornem, with the incorporation of the company, the former David–New Idea Finance Services will be bought over and incorporated into the new Idea Finance Services International Ltd as a Division of the New company.

The company plans to offer basic financial services including advisory services, trading in shares, the provision of loans, warehouse financing, repurchase financing, commodity trading, asset planning, fund & portfolio management and related business activities.