Four of Nigeria’s tier-1 banks, including FBN Holdings, Access Holdings, Guaranty Trust Holding Company Plc, and United Bank for Africa Plc, have announced intentions to raise over $3.03 billion (N3.46 trillion) in fresh capital. This decision follows the recent directive from the Central Bank of Nigeria for Deposit Money Banks to recapitalize.
According to findings by The PUNCH, the banks plan to raise funds from both the international and local markets. FBN Holdings and GTCO have already announced their plans to raise capital, while Access Holdings intends to raise funds in both naira and US dollars.
FBN Holdings, in a notice of its Extraordinary General Meeting, disclosed its intention to seek shareholders’ approval to raise an additional N300 billion in capital. The funds will be raised through public offerings, private placements, or rights issues in either the Nigerian or international capital markets.
Source: Punch