Shareholders Demonstrate Strong Commitment
According to Stanbic IBTC Holdings, the rights issue raised a total of N181.4 billion in subscriptions, far exceeding the N148.7 billion target. This marks a notable vote of confidence from existing shareholders, who took up their rights enthusiastically despite prevailing economic uncertainties.
Kunle Adedeji, Acting Chief Executive of Stanbic IBTC Holdings Plc, expressed appreciation for the remarkable shareholder turnout.
“The turnout and participation of existing shareholders taking up their rights was impressive such that the rights issue was oversubscribed by 21.9% to the tune of N181.4 billion. Our shareholders’ interest shows the confidence they continue to have in the brand,” Adedeji stated.
He also acknowledged the critical role of regulators and transaction partners in ensuring the smooth completion of the exercise, saying:
“We appreciate the support of the Central Bank of Nigeria, the Securities and Exchange Commission, the Lead Issuing House, Joint Issuing Houses, and other stakeholders in the successful completion of the recapitalisation exercise.”
N140 Billion Injected into Banking Subsidiary
Following regulatory clearance by the Central Bank of Nigeria (CBN) and final approval from the Securities and Exchange Commission (SEC), Stanbic IBTC Holdings confirmed that it has injected N140 billion of the raised funds into its banking subsidiary, Stanbic IBTC Bank.
Wole Adeniyi, Chief Executive of the banking subsidiary, described the capital injection as a significant boost for the bank’s operations and strategic ambitions.
“The injection of the new capital into the banking subsidiary is a positive development. This will enable the Bank to seize additional opportunities within the industry and enhance our Single Obligor Limit (SOL). We deeply appreciate the dedication and hard work of our regulators, issuing houses, and all other stakeholders. We extend our sincere gratitude for your continued support,” he said.
Positioning for Future Growth
With the successful rights issue and recapitalisation, Stanbic IBTC Holdings is better positioned to pursue new business opportunities, improve lending capacity, and navigate Nigeria’s evolving banking landscape.
Adedeji underscored the group's optimism about its future prospects:
“We are optimistic about future opportunities, as the injection of new capital will position us to take advantage of them to enable us to deliver to our shareholders. To all shareholders, we are grateful for your unwavering belief and support for the Stanbic IBTC Brand and your willingness to continue this journey with us.”
The transaction is part of Stanbic IBTC’s broader strategy to strengthen its balance sheet, comply with evolving regulatory requirements, and maintain its position as a leading financial services provider in Nigeria.