Yemisi Izuora
In a landmark achievement that highlights the steadfast confidence of its stakeholders, Stanbic IBTC Holdings has successfully met the Central Bank of Nigeria’s ambitious N200 billion recapitalisation requirements.
This remarkable feat follows a highly successful Rights Issue, which raised an impressive N148.7 billion, garnering overwhelming support from existing shareholders.”
The standout aspect of this Rights Issue was its astonishing oversubscription rate of 21.9 per cent, translating into an additional N181.4 billion in capital.
This robust participation not only reflects shareholders’ trust in Stanbic IBTC’s strategic vision but also highlights the institution’s operational excellence and resilience in a dynamic financial landscape.
Commenting on the just concluded rights issue programme, the Acting Chief Executive of Stanbic IBTC Holdings Plc, Dr. Kunle Adedeji stated that after the completion of the verification exercise by the Central Bank of Nigeria and final clearance by the Securities and Exchange Commission, Stanbic IBTC Holdings Plc is announcing the successful close of the N148.7 billion Rights Issue subscription exercise.
The turnout and participation of existing shareholders taking up their rights was impressive such that the rights issue was oversubscribed by 21.9 per cent to the tune of N181.4 billion. Our shareholders’ interest shows the confidence they continue to have in the brand.
In March 2024, the Central Bank of Nigeria (CBN) mandated that commercial banks with international authorisation raise their capital base to N500 billion, while national banks are required to reach N200 billion.
Additionally, banks with regional authorisation must achieve a minimum capital threshold of N50 billion.
The injection of N140 billion into Stanbic IBTC Bank from the parent company further enhances the bank’s capacity to meet the growing demands of its customers and increasingly competitive market dynamics. Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, remarked that ‘the injection of the new capital into the banking subsidiary is a positive development.
This will enable the Bank to seize additional opportunities within the industry and enhance our Single Obligor Limit (SOL).
We deeply appreciate the dedication and hard work of our regulators, issuing houses, and all other stakeholders. We extend our sincere gratitude for your continued support.”
Successful recapitalisation is not just about numbers; it is about resilience, commitment, and a shared vision for the future. Stanbic IBTC Holdings remains committed to promoting economic growth and generating value for its stakeholders, laying the groundwork for a prosperous financial future for all.