ABC Transport Seeks N6.5 Billion in Capital Raise

ABC Transport Plc (NGX: ABCTRANS) intends to raise N6.5 billion through a rights issue and bond issuance, as disclosed in a notice to the Nigerian Exchange Limited on October 21, 2026. This fundraising proposal received board approval on October 17, 2026, but is subject to shareholder approval at the upcoming Annual General Meeting.

The company has not specified whether the proceeds will be used for debt refinancing, expansion, or other business needs. The board approved a combination of equity and debt financing but did not clarify how the N6.5 billion would be allocated between the two.

The notice lacks details on offer price, rights entitlement ratio, bond interest rate, or repayment timetable. The proposed amount exceeds ABC Transport's disclosed loans, overdrafts, and lease liabilities by approximately N5.02 billion, with total liabilities reported at approximately N1.48 billion as of June 30, 2026.

Additionally, Kabiru Yusuf resigned as a Non-Executive Director effective September 30, 2026, after a 20-year tenure on the board.