Business
CBN, SEC Complete Bank’s Rights Issue Share Allotment
The Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) have concluded share allotment and capital clearance review of the N50 billion rights issue of Union Bank of Nigeria.
The bank said in a statement in Lagos that the share allotment and capital clearance review by the regulators was concluded in December 2017.
It said that the rights issue, which closed on October 30, 2017, recorded 120 per cent subscription.
The statement quoted the bank’s Chief Executive Officer, Mr Emeka Emuwa, as saying that the support of its shareholders had been critical to the rebuilding and transformation of the bank in the past five years.
Emuwa said that the 20 per cent oversubscription of the rights issue demonstrated shareholders’ high level of confidence and support for the bank’s short to medium term strategic priorities.
He said that the bank would accelerate the pace of doing business in 2018 having successfully raised the required capital.
Emuwa said that the bank would commence deployment of the fresh capital across identified business areas to increase capacity to serve customers better.
“Having successfully raised the required capital, we will accelerate the pace of doing business in 2018 as we begin to deploy this fresh capital across identified business areas which will increase our capacity to serve customers better, while also delivering returns to our investors in the short to medium term.
“The new capital will also ensure that the bank maintains a strong buffer above regulatory capital adequacy requirements as it drives towards its vision to be Nigeria’s most trusted and reliable banking partner,’’ he said.
The Tide source reports that Union Bank launched the N49.7 billion rights issue on September 20, 2017 to shareholders at the ratio of five new ordinary shares for every seven previously held as at August 21, 2017.
The rights issue prospectus showed that 80 per cent of the offer proceeds would be used as working capital, 12 per cent to be invested in technology, innovation and digitalisation.
The offer document also showed that the remaining eight per cent of the proceeds would be invested in customer touch points.
Business
NCDMB, Dangote Refinery Unveil JTC On Deepening Local Content
Business
Food Security: NDDC Pays Counterpart Fund For LIFE-ND Project
Business
Replace Nipa Palms With Mangroove In Ogoni, Group Urges FG, HYPREP
-
Sports1 day ago
Oyibu predicts success for Team Nigeria at Athletics Championships
-
Sports1 day ago
Former Champion Seeks Title Defence At Para Table Tennis Tourney
-
Rivers1 day ago
Don Sues For Leadership Assessment Centre In IAUE
-
Niger Delta24 hours ago
Oborevwori Boosts Digitalisation With Ulesson 500 Tablets To Pupils, Students
-
Business1 day ago
Cassava Flour Initiative Revival Can Up Economy By ?255b – COMAFAS
-
Women1 day ago
What To Know About Fufu, Loi Loi
-
Niger Delta1 day ago
Don Highlights On The Potential Of Groundwater As Hidden Wealth For Sustainable Future
-
Rivers1 day ago
Group Seeks Prosecution Of Clergy, Others Over Attempted Murder