Mr Aigboje Aig-Imokhuede, Chairman of
Aig-Imokhuede said this in an interview on the sideline of
The
The recapitalisation exercise is expected to commence from
Consequently, the shareholders of
They also agreed to the subset initiative to raise up to N365 billion specifically, through a Rights Issue of ordinary shares to its shareholders.
The proceeds of the rights issue will be used to support ongoing working capital needs, including organic growth funding for the group's banking and other non-banking subsidiaries
Aig-Imokhuede explained that having announced to embark on a capital raising through Right Issue, he was confident that the group's shareholders would support the bank in the journey.
He stated that
"Recall that in 2004 when CBN announced that all banks must recapitalise to the tune of N25 billion
"Between 2004 and 2007, our team, when I was the CEO of the bank, raised
"Therefore, in 2024 when
"We signalled to the market first that we will be doing a Right Issue, which means that we must carry everybody along, in spite of our large institutional shareholders.
"Nonetheless, we believe in ensuring that shareholders, either large or small, continue with us on our journey.
"They have always supported us when need be with good reasons because they believe in the company and the performance that would be delivered subsequently to such capital raising exercise.
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