Coronation Merchant Bank has successfully completed its recapitalisation programme, raising its paid-up capital to ₦50.26 billion, thereby meeting the ₦50 billion minimum capital requirement set by the Central Bank of Nigeria (CBN) for merchant banks.
The capital raise was executed through a combined rights issue and private placement, which generated more than ₦32.09 billion in new equity capital, significantly strengthening the bank’s balance sheet and positioning it for stronger operational resilience and growth.
According to the bank, the recapitalisation exercise received strong backing from existing shareholders and strategic investors, reflecting confidence in the institution’s long-term strategy and market positioning.
Commenting on the development, Babatunde Folawiyo, Chairman of Coronation Merchant Bank, said the successful capital raise underscores shareholders’ belief in the bank’s vision and future prospects. “The successful completion of this capital raise reflects the strong confidence our shareholders have in the Bank’s strategy and long-term vision. With a stronger capital base, we are well-positioned to expand our role in supporting Nigeria’s financial markets,” he said.
Also speaking, Paul Abiagam, Managing Director and Chief Executive Officer of the bank, noted that the recapitalisation would enhance the institution’s ability to deliver greater value to its clients and stakeholders.
According to him, the strengthened capital base will support improved performance, deeper innovation, and expansion into priority markets. “This recapitalisation significantly enhances our capacity to deliver greater value to our clients and stakeholders. It also positions the Bank to deliver improved performance, deepen innovation, and expand across our chosen focus markets,” Abiagam said.
With the enhanced capital base, Coronation Merchant Bank said it plans to expand its services across lending, investment banking, global markets, and treasury operations, while strengthening relationships with leading corporates and financial institutions in Nigeria.
The milestone further highlights the bank’s growing market position and reinforces investor confidence in its ability to operate at a greater scale while supporting clients with expanded financial solutions.
