In a significant achievement, Stanbic IBTC Holdings has successfully met the Central Bank of Nigeria’s (CBN) ambitious ₦200 billion recapitalisation requirement. This milestone was primarily driven by an overwhelmingly successful Rights Issue, which raised an impressive ₦148.7 billion with strong support from existing shareholders.
The Rights Issue saw an astonishing oversubscription rate of 21.9 percent, bringing in an additional ₦181.4 billion in capital. This robust participation not only demonstrates shareholders’ deep trust in Stanbic IBTC’s strategic vision but also highlights the institution’s operational excellence and resilience within Nigeria’s dynamic financial landscape.
Dr. Kunle Adedeji, Acting Chief Executive of Stanbic IBTC Holdings Plc, confirmed the successful close of the Rights Issue after verification by the CBN and clearance from the Securities and Exchange Commission. He noted the “impressive” turnout of shareholders, underscoring their continued confidence in the brand.
This achievement comes after the CBN’s March 2024 directive, which mandated that commercial banks with international authorization raise their capital base to ₦500 billion, while national banks (like Stanbic IBTC) must reach ₦200 billion. Regional banks are required to achieve a minimum capital threshold of ₦50 billion.
The parent company’s injection of ₦140 billion into Stanbic IBTC Bank further strengthens its capacity. Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, emphasized that this new capital infusion will enable the bank to “seize additional opportunities within the industry and enhance our Single Obligor Limit (SOL),” which dictates the maximum exposure a bank can have to a single borrower.
Stanbic IBTC Holdings remains dedicated to fostering economic growth and generating value for its stakeholders, laying the groundwork for a robust financial future.
