FIVE major Nigerian banks have made progress in their recapitalization efforts, moving closer to meeting the Central Bank of Nigeria’s (CBN’s) minimum capital requirements.
The banks have ramped up fundraising initiatives to strengthen their financial positions, boosting investor confidence and reinforcing stability in the banking sector.
FirstHoldCo, the parent company of FirstBank, recently concluded its N150 billion Rights Issue, which was oversubscribed by 25 percent, bringing total subscriptions to N187.6 billion.
The group now plans to proceed with a N350 billion Private Placement to further bolster FirstBank’s capital base, support innovation, and drive sustainable growth.
Wema Bank has announced plans to raise N200 billion in fresh capital. This includes a N150 billion Rights Issue, currently awaiting approval from the Securities and Exchange Commission (SEC), and a N50 billion Private Placement, set to commence on April 1, 2025. The latest round follows a…