Earlier in the year, the CBN gave Nigerian banks across various tiers directives to meet new capital base The bank capitalisation plan is seen by analysts as a timely economic growth stimulus for the industry Fidelity Bank, Access Holdings, GTCo and other banks have started making moves to increase their capital base CHECK OUT: Education is Your Right! Don’t Let Social Norms Hold You Back. Learn Online with LEGIT. Enroll Now! Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market. Since March 29, 2024, when the banking recapitalisation exercise was announced, some banks have raised money by going to the stock market. Analysts view the bank capitalisation initiative as a timely catalyst for economic growth, noting that capitalisation requires banks to hold sufficient funds as a buffer against financial downturns. Legit.ng has highlighted the banks that made moves to recapitalise in 2024 : PAY ATTENTION: Follow us on Instagram - get the most important news directly in your favourite app! Fidelity Bank Fidelity Bank surpassed the N127.1 billion target set in its combined offer programme, as the bank concludes the programme. Read also Naira scarcity: House of Reps take action as CBN, banks set cash withdrawal limit In an email to investors, the Managing Director of the Bank, Nneka Onyeali-Ikpe expressed appreciation, noting that the bank had surpassed the target set. The email read, “With the conclusion of the Combined Offer, I am delighted to announce that we have met and surpassed the capital-raise target we set for ourselves in the first phase of our capital-raise exercise. It is both gratifying and humbling to note this level of investor confidence in the bank.” Access Holdings Access Holdings Plc announced the commencement of its N351 billion capital raising through a rights issue, otherwise known as an offer for subscription. For the right issue, Access Holdings offered 17.772 billion ordinary shares of 50 kobo each to existing shareholders at N19.75 per share. The offer opened on Monday, July 8, 2024. GTCo Guaranty Trust Holding Company Plc (GTCO), recently revealed planned to raise nine billion ordinary shares of 50 kobo at an offer price of N44.50 per ordinary shares via public offer on the Nigerian Exchange Limited (NGX). Read also BDCs finally react as CBN allows members to buy $25,000 weekly from NAFEM This translated into N400 billion ordinary shares the Group planned to raise from investing public through public offer. Zenith Bank With the goal of raising over N290 billion, Zenith Bank Plc proposed a hybrid rights issue and subscription offer. This action represents a big step toward fulfilling the CBN's new N500 billion minimum capital requirement. In order to achieve this criterion, Zenith Bank needs roughly N229.225 billion, which includes N255.047 billion for the share premium and N15.698 billion in issued and fully paid share capital. FCMB In April, Mr. Ladi Balogun, the group’s CEO, disclosed plans to raise N150 billion between April and September 2024 as part of its recapitalization efforts. Mr. Balogun, on September 9th, expressed gratitude to the CBN , SEC, and NGX for their contributions to the capital raise, stating that these regulatory bodies played crucial roles in facilitating the process. Jaiz Bank Read also CBN takes another step to crash dollar, permits BDCs to buy forex from NAFEM After receiving regulatory clearances from the Securities and Exchange Commission (SEC), the Central Bank of Nigeria (CBN), and the Nigerian Exchange Group (NGX), Jaiz Bank announced that it had successfully listed N10.04 billion from its private placement on the NGX. According to a statement from the bank, this achievement puts it in the minority of banks that have already fulfilled the CBN's updated capital requirements before the June 2026 deadline. According to the bank, its balance sheet is resilient, diverse, and well-structured, indicating that its financial position is still strong. First Bank In an attempt to raise an additional N150 billion, FBN Holdings Plc launched a rights issue, issuing 5.983 billion ordinary shares at 50k each to current shareholders at N25 per share. A one-for-six ratio—one new ordinary share for every six shares held—was the basis for the offering. Sterling Bank Sterling Financial Holdings Company Plc announced the commencement of its N153 billion capital raising through a Rights Issue. This strategic initiative marks a significant milestone in its growth strategy, aimed at fortifying our financial foundation, enhancing capital adequacy, and fueling organic growth within its banking subsidiaries. Read also FG speaks on next step after MRS, TotalEnergies, others emerged winners of oil well The Company has obtained the approval the Securities and Exchange Commission (‘the Commission’) to execute a Rights Issue of Rights Issue of 7,197,604,531 Ordinary Shares of 50 kobo each at N4.00 per share, On the basis of One (1) new ordinary share for every Four (4) ordinary shares held as of 6th August 2024. CBN extends recapitalisation deadline for BDC operators Legit.ng reported that the Central Bank of Nigeria (CBN) has extended the deadline for the recapitalisation of Bureau of De Change (BDC) operators from December 3, 2024, to June 3, 2025. The president of the Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe, stated this at a virtual emergency meeting by ABCON members. Gwadabe explained that the apex bank extended the deadline by six months due to operators' low compliance with the recapitalisation requirements. PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy! Source: Legit.ng
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For Real Madrid, selling Varane could be a smart business move. The club is currently undergoing a period of transition, with new manager Carlo Ancelotti looking to reshape the squad and build a team capable of challenging for major honors once again. By selling Varane for a significant fee, Real Madrid could free up funds to reinvest in new players and strengthen other areas of the team.
Revealed! Banks that made recapitalisation moves in 2024As the year comes to a close, fans and players alike will look back on the memorable moments and upsets that defined the WTA season. Zheng Qinvvn's victory over Iga Swiatek at the Olympics will surely be remembered as one of the most inspiring and remarkable upsets of the year, proving that in tennis, as in life, the underdog can rise to the top against all odds.
Donald Trump is set to receive the no-one-has-ever-heard-of-it "Patriot of the Year" award from Fox Nation on Thursday night. The Patriot Awards will be hosted by Trump buddy Sean Hannity. The event was originally supposed to be hosted by Fox News weekend host Pete Hegseth ... but he's busy trying his darndest not to answer hard questions about his past. Busy for now , at least. “I will be receiving the Fox Patriot of the Year Award—so nice! See you there,” Trump wrote on his Truth Social platform. This shiny new piece of trash will sit nicely in Trump's various property bathrooms, where he used to store confidential documents , and alongside other so-called awards Trump has received. In this election cycle, Trump was given a Purple Heart by a military veteran in Georgia. His acceptance of the unearned award was widely criticized by veterans since the Purple Heart is a recognition of military members who are wounded or killed while serving. Worse, Trump's military service consisted of allegedly dodging the draft to serve under Sgt. Major Dr. Scholl . Trump also has two honorary doctorates from Liberty University, which is sort of like having two doctorates ... from Liberty University . It makes sense seeing as that school has a history of allegedly protecting sexual abusers and profiting off of COVID-19 . In January 2023, Trump announced that he had won his own Senior Club Championship at Trump International Golf Club in West Palm Beach, Florida. It was a preposterous fantastical feat for someone who reportedly missed the first round of play . Then there were half a dozen GOP House members who attempted to get Trump a Congressional Gold Medal . Like most of the moves by House Republicans, the move went nowhere fast. And lest we forget, before he was president, Trump was inducted into the WWE Hall of Fame . It might be the only “honor” he sort of earned? x x YouTube Video Daily Kos is now on Bluesky—and we want to make it easy for you to join us! Click here for the Daily Kos Bluesky Starter Pack.
Moving forward, it is crucial for organizations like the Lakers to reassess their approach to contract negotiations and ensure that they are treating their employees with the respect and fairness they deserve. Building a culture of mutual respect and open communication can go a long way in fostering a positive and productive work environment, where all members feel valued and empowered to perform at their best.
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