Stanbic IBTC Raises N148.7bn, Exceeds CBN Recapitalisation Target
Stanbic IBTC Holdings Plc has completed its rights offering to current shareholders, securing N148.7 billion in capital, surpassing the Central Bank of Nigeria’s recapitalisation requirements.
A Tuesday announcement from the financial institution revealed that the offering achieved a remarkable oversubscription of 21.9 per cent, reflecting robust investor faith and shareholder backing.
This capital mobilisation represents a calculated approach to fulfil the CBN’s demanding recapitalisation standards while establishing a robust financial base for continued expansion and technological advancement.
The announcement indicated that the rights issue’s positive results reflect shareholders’ confidence in Stanbic IBTC’s plans. The complete capital injection of N181.4 billion is anticipated to strengthen the group’s market position and achieve full regulatory adherence.
“This compliance is critical to our continued stability and success in today’s dynamic economic environment,” the statement noted.
Regarding this achievement, Stanbic IBTC Holdings’ Acting Chief Executive, Dr Kunle Adedeji, expressed gratitude to shareholders for supporting the group’s objectives and strategic path.
“This capital increase is not just a financial milestone—it’s a significant step towards enhancing our capacity for sustainable growth in the sector,” he said.
Dr Adedeji noted that Stanbic IBTC was well-equipped to address the CBN’s recapitalisation requirements, having already channelled N140 billion into Stanbic IBTC Bank from its parent entity. This action demonstrated the group’s dedication to forward-thinking solutions and flexibility.
Stanbic IBTC Bank’s Chief Executive, Wole Adeniyi, explained that the fresh capital would strengthen the bank’s operational capabilities, allowing for broader market expansion and improved client service delivery.
