Business
FBN Holdings Plc’s N150 billion rights issue went live on Wednesday on the Nigerian Exchange Group’s (NGX) digital platform, NGX Invest (invest.ngxgroup.com).
The rights issue, offered on a one-for-six basis to existing shareholders, is now accessible through NGX Invest, providing a seamless digital channel for eligible investors to participate.
Mr Nnamdi Okonkwo, Group Managing Director, FBN Holdings, confirmed this at the Facts Behind the Rights Issue of the group at the Exchange in Lagos.
Okonkwo said the Holdings would leverage its diversified portfolio of businesses and shared resources to ‘do more with less’, optimising costs, improving efficiency, and boosting revenues.
He explained that the group plans to strategically expand into new geographies via both physical and digital approaches while continuing to explore attractive business adjacencies.
”FBN Holdings is enthusiastic in utilising NGX Invest’s capabilities; this digital platform allows us to reach a wider investor base and facilitate seamless participation in our capital raise,” he said.
In his remark, Mr Temi Popoola, Group Managing Director/Chief Executive Officer of NGX Group, said NGX Invest’s secure and well-regulated infrastructure has rapidly emerged as the top choice for issuers seeking to distribute their offerings digitally.
Popoola noted that the Exchange is proud to support financial institutions and other issuers in their capital-raising efforts, empowering them to reach a wider investor base and drive economic growth.
The News Agency of Nigeria (NAN) reports that by utilising NGX Invest, FBN Holdings joins six other Nigerian banks that have recently tapped into the innovative platform to distribute a total of eight public offers and rights issues.
This move aligns with the Central Bank of Nigeria’s (CBN) new capital adequacy requirements, which mandate banks to strengthen their capital bases by 2026.
Till date, NGX Invest has facilitated approximately N1.26 trillion in capital raises within the banking sector.(NAN)
A.I
Nov. 7, 2024
Tags: FBN Holdings Plc’ Mr Nnamdi Okonkwo
