Lagos, Nigeria – Coronation Merchant Bank completed its recapitalisation, raising paid-up capital to 50.26 billion naira. This meets the Central Bank of Nigeria’s 50 billion naira minimum for merchant banks. The West African financial hub sees strengthened banking operations.
The bank used rights issues and private placement to gain 32.09 billion naira in new equity. Shareholders and strategic investors backed the move strongly. It bolsters the balance sheet for growth in lending and markets.
Okay News reports leadership comments. Chairman Babatunde Folawiyo said, “The successful completion of this capital raise reflects the strong confidence our shareholders have in the Bank’s strategy and long-term vision.” Managing Director Paul Abiagam added that it enhances client value and innovation.
The capital fuels expansion in investment banking, treasury, and corporate ties. Nigeria’s top firms gain better support. The bank eyes deeper market roles ahead.
This step follows CBN rules for sector resilience. Investors show faith in steady performance. Coronation Merchant Bank readies for scaled services.
