Coronation Merchant Bank Completes N50bn Recapitalization

Coronation Merchant Bank has completed a N50 billion recapitalization exercise, raising its paid capital to N50,257,767,438. This recapitalization was achieved through a combination of rights issues and private placements, generating N32,093,878,138 in fresh equity capital.

The initiative is designed to meet the Central Bank of Nigeria's minimum capital requirement for merchant banks and to position the bank for the next phase of growth across its core strategic business segments. Babatunde Folawiyo, Chairman of Coronation Merchant Bank, stated that the successful capital raise reflects investor confidence in the bank's long-term vision.

Paul Abiagam, Managing Director and Chief Executive Officer, noted that the recapitalization significantly enhances the bank's capacity to deliver improved value to clients and stakeholders, while also broadening its offerings in lending and investment across global markets. The exercise is expected to strengthen the bank's treasury operations and relationships with leading corporate financial institutions in Nigeria.