Nigerian banks, led by tier-1 lenders, plan N800bn rights issue to meet CBN's capital base increase mandate.
Nigerian banks, particularly tier-1 lenders, plan to raise N800bn via rights issues to meet the Central Bank of Nigeria's (CBN) directive to increase their capital base in line with their license requirements. The CBN has mandated commercial banks to raise their capital base by N500bn within 24 months, while non-interest banks must increase their capital by N100bn. The recapitalisation aims to enhance the banking sector's ability to finance productive economic activities and improve the stability of Nigeria's financial system.
April 15, 2024
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