Would you like to receive notifications on latest updates of the following headlines?

FBN Holdings Plans N300bn Fresh Capital Raise

POSTED ON April 9, 2024 •   BUSINESS & ECONOMY      BY Abiodun Saheed Omodara
FBN Holdings logo l Credit: FBN Source: X

FBN Holdings has disclosed that it will seek shareholders’ approval to raise N300bn additional capital.

The company, in a notice of its extraordinary general meeting filed with the Nigerian Exchange Limited on Monday, the financial holding company said the meeting would be held virtually at the end of the month.

According to the notice, shareholders would consider and vote on the special business “that the company be and is hereby authorised to undertake a capital raise of up to N300,000,000,000.00 (three hundred billion naira)”.

“The capital raise transaction shall be by the issuance of shares via a public offering, private placement, rights issue in the Nigerian or international capital markets, at price(s) to be determined by way of a book building process or any other valuation method or combination of methods, in such tranches, series or proportions and at such periods or dates, coupon or interest rates, within such maturity periods and upon such other terms and conditions as may be determined by the board of directors (the “directors”), subject to obtaining the approvals of the relevant regulatory authorities,” it stated.

This comes as the Central Bank of Nigeria reviewed upward the capital base of commercial, merchant and non-interest banks and promoters of new banks in the country.

The apex bank in a statement signed by its Acting Director, Corporate Communications, Sidi Ali, citing both domestic and global shocks, said it had become necessary to raise the capital base of the banks.

It, then, directed commercial banks with international authorisation to increase their capital base to N500bn and national banks to N200bn while those with regional authorisation are expected to achieve a N50bn capital floor.

It also mandated non-interest banks with national and regional authorisations to increase their capital to N20bn and N10bn, respectively.

In October, FBN Holdings Plc sought approval from the NGX to raise N139bn in additional capital through a rights issue.

Ahead of its 11th annual general meeting in July, the financial institution had revealed plans to raise capital by way of a rights issue for future expansion projects.

Before now, Access Holdings had indicated plans to raise $1.8bn and Wema Bank, which concluded a N40bn rights issue, said that it would accelerate efforts to meet the new CBN requirements.

READ ALSO
Tinubu Empowers ICRC to Streamline PPP Processes
BY Abiodun Saheed Omodara June 30, 2025 0

President Bola Tinubu has authorized the Infrastructure Concession Regulatory Commission (ICRC) to e...

READ ALSO
Nigeria's Public Debt Reaches N149.39 Trillion, Marking 22.8% Annual Increase
BY Abiodun Saheed Omodara June 28, 2025 0

As of March 31, 2025, Nigeria's total public debt reached N149.39 trillion, showing an annual increa...

READ ALSO
Dangote Decries Inconsistent Policies, Poor Power Supply as Barriers to Africa’s Industrial Growth
BY Abiodun Saheed Omodara June 27, 2025 0

Africa’s foremost industrialist and President of Dangote Industries Limited (DIL), Alhaji Alik...

READ ALSO
Transition of Tax Collection to NRS Announced, New VAT Sharing Begins January 1, 2026
BY Abiodun Saheed Omodara June 27, 2025 0

President Bola Tinubu signed four tax reform bills into law on Thursday, indicating Nigeria's commit...

READ ALSO
Afreximbank Advocates for Innovative Financing Structures in South–South Trade
BY Abiodun Saheed Omodara June 26, 2025 0

The President and Chairman of the Board of Directors of the African Export-Import Bank, Prof. Benedi...

READ ALSO
Tinubu Signs Four Tax Reform Bills to Transform Nigeria's Fiscal Framework
BY Abiodun Saheed Omodara June 26, 2025 0

ABUJA, Nigeria - President Bola Tinubu has enacted four tax reform bills that focus on crucial aspec...

READ ALSO
Tinubu to Sign Four Tax Reform Bills into Law Thursday
BY Abiodun Saheed Omodara June 26, 2025 0

President Bola Tinubu is set to sign four pivotal tax reform bills designed to revamp Nigeria's fisc...

READ ALSO
Nigeria Takes Bold Step towards Energy Independence with Naira-Based Crude Sales Initiative
BY Abiodun Saheed Omodara June 25, 2025 0

The Nigeria Export Processing Zones Authority, alongside the Federal Government’s One-Stop-Sho...

OUR CHANNELS:

Reclaiming Gaddafi’s Pan-African Dream: Why His Vision Still Matters
BY Suleiman Jimoh July 2, 2025 0

Few remember that Muammar Gaddafi once dared to imagine an Africa unchained from foreign dictate. He...


Calls for Autopsy: Ondo Govt. Faces Pressure to Exhume Late Governor Akeredolu's Body
BY Abiodun Saheed Omodara July 1, 2025 0

The Ondo State Government may need to exhume the body of the late governor, Oluwarotimi Akeredolu, f...


Dangote Slash Petrol Price to N840 per Litre Amid Market Adjustments
BY Abiodun Saheed Omodara July 2, 2025 0

The Dangote Petroleum Refinery has lowered the ex-depot price of Premium Motor Spirit, commonly refe...


NEC Reinstates Anyanwu as PDP National Secretary Amid Internal Conflicts
BY Abiodun Saheed Omodara July 1, 2025 0

The 100th meeting of the National Executive Committee (NEC) of the People’s Democratic Party (...


APC Schedules NEC Meeting for July 24 Amid Leadership Changes
BY Abiodun Saheed Omodara July 1, 2025 0

ABUJA, Nigeria - The All Progressives Congress (APC) has scheduled its National Executive Committee...


PDP: Tensions Rise Ahead of 100th NEC Meeting Amid Factional Disputes
BY Abiodun Saheed Omodara July 1, 2025 0

As tensions escalate within the People’s Democratic Party regarding the National Secretary pos...


Sokoto,Kebbi PDP Ready to Join Coalition Against APC in 2027
BY Abiodun Saheed Omodara July 1, 2025 0

The state branches of the People’s Democratic Party (PDP) in Sokoto and Kebbi have expressed t...


UNIUYO Medical Lecturers Begin Indefinite Strike over VC appointment
BY Abiodun Saheed Omodara June 30, 2025 0

Medical lecturers at the University of Uyo, affiliated with the Medical and Dental Consultants Assoc...


Nigeria and Saint Lucia Unite for Mutual Growth
BY Abiodun Saheed Omodara July 1, 2025 0

President Bola Tinubu and Prime Minister Philip J. Pierre agreed on Sunday to establish formal diplo...


Tinubu Empowers ICRC to Streamline PPP Processes
BY Abiodun Saheed Omodara July 2, 2025 0

President Bola Tinubu has authorized the Infrastructure Concession Regulatory Commission (ICRC) to e...


More Articles

Load more...

Menu