Three Nigerian Banks Seek N500bn in Rights Issue Amid Capital Market Funding Drive

Three Nigerian banks plan to raise over N500 billion through a combined rights issue to meet the central bank's new capital base requirement. This marks the second round of recapitalisation efforts by local lenders in response to regulatory demands.

Three major Nigerian banks are set to raise over N500 billion through a rights issue as they seek to meet the new capital base requirements imposed by the Central Bank of Nigeria. The move comes as part of their recapitalisation efforts, aimed at strengthening their financial positions and ensuring compliance with regulatory standards. The banks' decision to opt for a rights issue reflects the current trend in the industry, where firms are increasingly turning to the capital market to raise funds. With this latest round of fundraising, the banks will be able to bolster their capital reserves and better navigate the evolving financial landscape.