Top Nigerian banks successfully raise capital ahead of deadline says SEC

Oct. 15, 2024 - Businessday

Five of Nigeria’s largest banks have successfully issued fresh capital to meet tough new regulatory requirements, the head of the Securities and Exchange Commission said, comfortably beating a 2026 deadline. “The banks that came to the market are fully subscribed and even oversubscribed,” SEC Director General Emomotimi Agama said in an interview Friday in Lagos, the nation’s commercial hub.

The other lenders were Zenith Bank Plc, Access Holdings Plc, Fidelity Bank Plc and FCMB Group Plc. The Central Bank of Nigeria in March gave the nation’s 27 commercial banks two years to meet the new capital thresholds.

“The young people are beginning to embrace the market and we’re excited about it,” Agama said...