The Director-General of the Securities and Exchange Commission, Dr Eromomotimi Agama, confirmed that the five Banks seeking to raise fresh capital experienced oversubscription.
In an interview with Bloomberg in Lagos, Agama stated that the banks that approached the market, including Guaranty Trust Holdings Plc, Zenith Bank Plc, Access Holdings Plc, Fidelity Bank Plc, and FCMB Group Plc, were fully subscribed and even oversubscribed. This followed the directive of the Central Bank of Nigeria on fresh capital requirements.
The total funds raised by these banks in the last two months amounted to approximately ₦1.26tn ($770m) to meet the CBN’s requirements which was achieved ahead of the regulator’s two-year deadline.
Agama also noted the increasing participation of younger investors in the capital market and expressed excitement about this trend. The SEC approved NGX Invest, a digital platform initiated by the Stock Exchange through which banks attract young investors to their share offers.