Coronation Merchant Bank has completed its recapitalisation programme, raising its paid-up capital to N50.26 billion, in compliance with the N50 billion minimum capital requirement set by the Central Bank of Nigeria for merchant banks.
The bank said the exercise was executed through a combined rights issue and private placement, which generated more than N32.09 billion in new equity capital.
The recapitalisation received strong backing from existing shareholders and strategic investors, strengthening the bank’s balance sheet and positioning it for the next phase of growth across its key business segments.
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Chairman of the bank, Babatunde Folawiyo, said the successful capital raise reflects shareholder confidence in the institution’s strategy and long-term outlook.
“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 said.
Also commenting, the Managing Director/Chief Executive Officer, Paul Abiagam, noted that the recapitalisation will strengthen the bank’s capacity to deliver value to clients and stakeholders.
“This recapitalisation significantly enhances our capacity to deliver greater value to our clients and stakeholders. It also 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 said it plans to expand its offerings across lending, investment banking, global markets, and treasury services, while deepening relationships with leading corporates and financial institutions in Nigeria.
The milestone, according to the bank, underscores the strength of its franchise and investor confidence, reinforcing its capacity to support clients at a larger scale.
