Nigeria-based NPF Microfinance Bank PLC plans to launch an IPO on the Nigerian Stock Exchange to raise more funds, The Punch reported, citing the bank's CEO, Akinwunmi Lawal.

The bank hopes the planned offering, which is subject to regulatory approval, would be largely subscribed so it can continue distributing dividends for more than 20 consecutive years, according to the report. The bank's shares will be sold to existing and prospective shareholders.

Lawal said the proceeds from the offering will be used to bolster the lender's working capital, branch improvement and IT, among other things.

The bank recommended a dividend payout of 114.3 million naira, or 5 kobo per share, for 2018, the report noted.

As of Aug. 2, US$1 was equivalent to 360.00 Nigerian naira.