Rand Merchant Bank Nigeria Limited (RMB) acted as the lead issuing house on Stanbic IBTC Holdings Plc’s N148 billion rights issue, which closed oversubscribed at 122%, bolstering the bank’s capital base ahead of Nigeria’s sweeping banking recapitalisation directive.
The transaction, part of a broader capital raise effort in response to the Central Bank of Nigeria’s revised capital requirements, received full regulatory clearance from both the CBN and the Securities and Exchange Commission. It drew strong backing from existing shareholders, reflecting investor confidence in Stanbic IBTC’s long-term growth strategy.
“This landmark transaction underscores the market’s strong conviction in the Group’s strategic direction and fundamentals,” said Chidi Iwuchukwu, executive director and head of Investment Banking at RMB Nigeria.