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Quick Information About Subsidiaries
Mutual Alliance Group comprises of six (6) distinct companies involved in different aspects of business. The group has a combined capitalization of N465million (US$3.5million) with annual profit of N130million (US$1million) as at December 31, 2004.
The group is made up of the following distinct Companies:
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Mutual Alliance Savings & Loans Ltd: This Company is a licensed mortgage bank involved in mortgage, retail and consumer banking with over 10 branches spread all over Nigeria. Mutual Alliance Savings & Loans is the flagship of the group.
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Mutual Alliance Property Development Ltd: This Company is involved in real estate development. Presently the company is involved in the development of 400 units of 2-bedroom and 3-bedroom detached Bungalow valued at N700 million (US$5.3million) for the Akwa Ibom State government at Uyo, Nigeria.
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Mutual Alliance Asset Management Ltd: This Company is involved in the following (a) consumer leasing/hire-purchase and corporate finance where it presently has the franchise for Loncin Motorcycles, Haier and Samsung products and does a monthly turnover of N150million (US$1.1million). (b) Commodity trading of items such as Rice, Cement and Building materials with monthly turnover in excess of N235million (US$1.8million). (c) Payroll lending with a loan portfolio of N65million (US$0.5million).
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Mutual Alliance Capital Markets Ltd: This Company is involved in stock broking and Investments for the group.
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Mutual Telecommunications Ltd: This Company is in partnership with a South African company (i.e. Skywards Development limited, SA) for the provision of V-Sat, internet services and international call card business and provision of fixed wireless lines in Nigeria.
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Mutual Alliance (T) Limited: This company will be involved in equipment leasing to the mining and construction industries, consumer lease/Hire purchase and manufacturing of house hold items such as gas cookers, air conditioners and refrigerators as well as set up subsidiaries to handle payroll lending and petroleum products importation and storage. This company will be the flagship for our East African expansion.