WorldStage Newsonline– Stanbic IBTC Holdings has confirmed a successful conclusion of its Rights Issue, raising ₦ 181.4 billion with oversubscription rate of 21.9% from ₦ 148.7 billion.
The group in a note said the achievement reflected the firm belief and support from existing shareholders.
“This strategic initiative not only ensures that the company meets the stringent recapitalisation requirements mandated by the Central Bank of Nigeria (CBN) but also firmly secures a robust financial foundation geared towards sustained future growth and innovation,” the note said.
The group said the additional funding will enable Stanbic IBTC to strengthen its position within the increasingly competitive financial market, while ensuring full compliance with the regulatory frameworks set out by the CBN.
Commenting on this significant achievement, Dr. Kunle Adedeji, the Acting Chief Executive of Stanbic IBTC Holdings PLC, conveyed his gratitude and optimism, saying, “The enthusiastic participation of our shareholders in the Rights Issue indicates their strong belief in our strategic vision and long-term objectives. This successful capital increase is not merely a financial milestone; it marks a definitive step towards further enhancing our capabilities for sustainable growth and development in the sector.”
Stanbic IBTC confirmed preparation to meet recent mandates from CBN, sighting infusion of ₦N140 billion from the parent company as significant commitment to expanding the bank’s capacity, fostering innovation, and adapting to the ever-evolving market dynamics.
Chief Executive Wole Adeniyi acknowledged the critical importance of this new capital, stating that it will significantly enhance the bank’s operational capabilities, thereby allowing it to capture additional market opportunities and cater to the diverse needs of its clients.
He said, “This capital infusion empowers Stanbic IBTC to explore new avenues for growth, potentially through technological advancements, enhanced customer service, and a broader range of financial products tailored to the needs of its clients. The management’s forward-thinking approach and commitment to excellence ensure that the company not only reacts to market changes but also proactively shapes its future in line with global best practices.
“With resilience, meticulous strategic planning, and immense support from its stakeholders, Stanbic IBTC Holdings is poised to continue paving the way for a prosperous financial future. The trust and collaboration among shareholders, management, and regulatory bodies solidify its foundation for growth and innovation in an increasingly competitive landscape.”
