Highlight the purpose of the rights issue and its impact on Nigeria’s financial sector. Example: Explore how Stanbic IBTC’s N148.7 billion rights issue on NGX Invest is driving growth in key sectors like oil, gas, and sustainable finance.
The Nigerian Exchange (NGX) is redefining capital-raising in Nigeria through its revolutionary e-offering platform, NGX Invest. The platform’s latest milestone is the launch of Stanbic IBTC Holdings Plc’s N148.7 billion rights issue, marking another step in NGX’s efforts to enhance investor participation and streamline the fundraising process.
Overview of the Rights Issue
Launched on January 15, 2025, and closing on February 21, 2025, the rights issue allows existing shareholders to subscribe to 2,944,772,083 ordinary shares at 50 kobo each for N50.50 per share. This offering is structured as five (5) new shares for every twenty-two (22) ordinary shares held as of October 29, 2024.
Interested shareholders can conveniently take up their rights via the NGX Invest platform at https://invest.ngxgroup.com.
NGX Invest: Transforming Nigeria’s Financial Landscape
Jude Chiemeka, Chief Executive Officer of NGX Limited, praised the platform’s success, stating:
“The success of NGX Invest as a capital-raising platform reinforces our commitment to providing innovative solutions for issuers and investors alike. Stanbic IBTC’s confidence in our infrastructure reflects the opportunities we continue to create for sustainable growth in Nigeria’s financial markets.”
Stanbic IBTC’s Strategic Vision
Kunle Adedeji, Acting Chief Executive of Stanbic IBTC Holdings Plc, acknowledged the platform’s efficiency in facilitating the rights issue. He emphasized that the funds raised would target critical sectors, including:
- Oil and Gas: Investment in Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), and gas infrastructure.
- Power Sector Reforms: Supporting divestments in distribution companies (Discos).
- Debt Capital Market & Sustainable Finance: Exploring avenues to drive economic transformation.
Adedeji also expressed gratitude to shareholders, underscoring their confidence in the bank’s vision.
NGX Group’s Broader Impact
Temi Popoola, Group MD/CEO of NGX Group, highlighted the platform’s role in driving economic growth, stating:
“At NGX Group, we are committed to fostering innovation that drives economic growth and empowers issuers to achieve their goals. NGX Invest exemplifies how we continue to position the Exchange as the preferred destination for capital formation in Africa.”
As the Nigerian financial sector adapts to evolving regulations, NGX remains at the forefront, offering cutting-edge tools that attract investments, engage stakeholders, and drive sustainable economic transformation.
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