The Director-General of the Securities and Exchange Commission (SEC), Dr. Eromomotimi Agama, announced that five Nigerian banks that sought to raise fresh capital in the market were oversubscribed. This was revealed during an interview with Bloomberg on Monday in Lagos.
Dr. Agama noted that Guaranty Trust Holdings Plc, Zenith Bank Plc, Access Holdings Plc, Fidelity Bank Plc, and FCMB Group Plc had all exceeded expectations in their fundraising efforts. These banks collectively raised approximately N1.26 trillion ($770 million) over the past two months, following the Central Bank of Nigeria’s directive on new capital requirements.
The capital was raised through public offers and rights issues ahead of the CBN’s two-year deadline. Agama also mentioned that younger investors are increasingly showing interest in the capital market.
News Editor