Since March 29, 2024, when the banking recapitalisation exercise was announced, some banks have raised money by going to the stock market.
Analysts view the bank capitalisation initiative as a timely catalyst for economic growth, noting that capitalisation requires banks to hold sufficient funds as a buffer against financial downturns.
TimesNow.com.ng has highlighted the banks that made moves to recapitalise in 2024:
Fidelity Bank surpassed the N127.1 billion target set in its combined offer programme, as the bank concludes the programme.
In an email to investors, the Managing Director of the Bank, Nneka Onyeali-Ikpe expressed appreciation, noting that the bank had surpassed the target set.
The email read,
Access Holdings Plc announced the commencement of its N351 billion capital raising through a rights issue, otherwise known as an offer for subscription.
For the right issue, Access Holdings offered 17.772 billion ordinary shares of 50 kobo each to existing shareholders at N19.75 per share. The offer opened on Monday, July 8, 2024.
Guaranty Trust Holding Company Plc (GTCO), recently revealed planned to raise nine billion ordinary shares of 50 kobo at an offer price of N44.50 per ordinary shares via public offer on the Nigerian Exchange Limited (NGX).
This translated into N400 billion ordinary shares the Group planned to raise from investing public through public offer.
With the goal of raising over N290 billion, Zenith Bank Plc proposed a hybrid rights issue and subscription offer.
This action represents a big step toward fulfilling the CBN’s new N500 billion minimum capital requirement.
In order to achieve this criterion, Zenith Bank needs roughly N229.225 billion, which includes N255.047 billion for the share premium and N15.698 billion in issued and fully paid share capital.
In April, Mr. Ladi Balogun, the group’s CEO, disclosed plans to raise N150 billion between April and September 2024 as part of its recapitalization efforts.
Mr. Balogun, on September 9th, expressed gratitude to the CBN, SEC, and NGX for their contributions to the capital raise, stating that these regulatory bodies played crucial roles in facilitating the process.
After receiving regulatory clearances from the Securities and Exchange Commission (SEC), the Central Bank of Nigeria (CBN), and the Nigerian Exchange Group (NGX), Jaiz Bank announced that it had successfully listed N10.04 billion from its private placement on the NGX. According to a statement from the bank, this achievement puts it in the minority of banks that have already fulfilled the CBN’s updated capital requirements before the June 2026 deadline.
According to the bank, its balance sheet is resilient, diverse, and well-structured, indicating that its financial position is still strong.
In an attempt to raise an additional N150 billion, FBN Holdings Plc launched a rights issue, issuing 5.983 billion ordinary shares at 50k each to current shareholders at N25 per share.
A one-for-six ratio—one new ordinary share for every six shares held—was the basis for the offering.
