By Ayomide Otitoju
Stanbic IBTC Holdings PLC has announced the successful completion of its N148.7 billion Rights Issue, surpassing the Central Bank of Nigeria’s (CBN) N200 billion recapitalisation threshold for national banks. The transaction, which recorded a remarkable 21.9% oversubscription, reflects strong investor confidence in the institution’s strategic direction and financial strength.
The Rights Issue, concluded following final regulatory clearance by the CBN and the Securities and Exchange Commission (SEC), attracted an additional N181.4 billion in capital commitments. This robust response from shareholders demonstrates widespread support for Stanbic IBTC’s long-term growth agenda.
Speaking on the milestone, Dr. Kunle Adedeji, Acting Chief Executive of Stanbic IBTC Holdings, said:
“We are pleased to announce the successful conclusion of our N148.7 billion Rights Issue, which was oversubscribed by 21.9%. The impressive turnout of existing shareholders underscores their unwavering trust in the Stanbic IBTC brand.”
The recapitalisation effort aligns with the CBN’s March 2024 directive, which mandates a minimum capital base of N500 billion for banks with international licences, N200 billion for national banks, and N50 billion for regional institutions.
In further support of its recapitalisation strategy, Stanbic IBTC Holdings has injected an additional N140 billion into its banking subsidiary. Wole Adeniyi, Chief Executive of Stanbic IBTC Bank, noted that the capital boost will strengthen the bank’s ability to serve clients and compete effectively in Nigeria’s evolving financial landscape.
“This capital injection enhances our capacity to pursue new opportunities and improve our Single Obligor Limit. We are grateful to our regulators, issuing houses, and stakeholders for their continued support,” Adeniyi added.
With this achievement, Stanbic IBTC reinforces its commitment to driving sustainable economic development while creating long-term value for its shareholders and contributing to Nigeria’s financial system stability.
