Coronation Merchant Bank has successfully completed its recapitalisation programme, raising its paid-up capital to N50,257,767,438, a move expected to enhance its operational resilience and efficiency.
In a statement released on Sunday, the bank disclosed that the capital raise was achieved through a combination of a rights issue and private placement, generating over N32,093,878,138 in fresh equity capital. With this development, the bank has met the N50bn minimum capital requirement for merchant banks set by the Central Bank of Nigeria.
The exercise received strong support from existing shareholders as well as strategic investors, positioning the bank to accelerate growth across its key business segments.
Chairman of the bank, Babatunde Folawiyo, said the successful capital raise underscores investor confidence in the institution’s long-term strategy.
“The successful completion of this capital raise reflects the strong confidence our shareholders have in the Bank’s strategy and long-term vision. With a stronger capital base, we are well-positioned to expand our role in supporting Nigeria’s financial markets,” he stated.
Also commenting, the Managing Director and Chief Executive Officer, Paul Abiagam, noted that the recapitalisation significantly boosts the bank’s capacity to deliver enhanced value to clients and stakeholders.
“This recapitalisation significantly enhances our capacity to deliver greater value to our clients and stakeholders. Furthermore, it positions the Bank to deliver improved performance, deepen innovation, and expand across our chosen focus markets,” he said.
With the strengthened capital base, the bank is set to broaden its offerings in lending, investment banking, global markets, and treasury operations. It also aims to deepen relationships with leading corporates and financial institutions across Nigeria.
The bank added that the milestone reflects the strength of its franchise and the continued confidence of investors, reinforcing its ability to support clients at a larger scale with improved capabilities.
