Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has opened its ₦148.7 billion Rights Issue, offering existing shareholders the opportunity to subscribe to 2,944,772,083 ordinary shares at ₦50.50 per share. The offer, which runs from January 15 to February 21, 2025, is structured on a ratio of five new shares for every 22 ordinary shares held as of October 29, 2024.
The capital raise is aimed at strengthening the company’s financial position, ensuring regulatory compliance, and enhancing its growth capacity. A significant portion of the proceeds will go to Stanbic IBTC Bank to meet the Central Bank of Nigeria’s (CBN) new minimum capital requirement while also improving the bank’s Capital Adequacy Ratio (CAR).
During the “Facts Behind the Rights Issue” event at the Nigerian Exchange Group (NGX), Acting Chief Executive of Stanbic IBTC Holdings PLC, Dr. Kunle Adedeji, highlighted the importance of the offer in reinforcing shareholder confidence and driving long-term value. He described strong shareholder support as key to the company’s growth, emphasizing that the capital raise aligns with its strategic objectives.
Wole Adeniyi, Chief Executive of Stanbic IBTC Bank, called the Rights Issue a significant milestone in the company’s goal to maintain leadership in Nigeria’s financial services sector. He noted that the funds raised would enable the company to invest in innovation, expand its business operations, and enhance customer service.
Stanbic IBTC Holdings PLC, part of Africa’s largest banking group by assets, offers a range of financial services, including corporate and investment banking, personal and private banking, and asset management.
