Stanbic IBTC Holdings Plc has launched a N148.7 billion rights issue on the Nigerian Exchange’s (NGX) e-offering platform, NGX Invest, signaling another milestone in Nigeria’s evolving capital market. The initiative, unveiled during the Facts Behind the Rights Issue event, runs from January 15 to February 21, 2025, allowing eligible shareholders to subscribe conveniently through the platform.
The rights issue offers 2,944,772,083 ordinary shares of 50 kobo each at N50.50 per share, structured as five (5) new shares for every twenty-two (22) held as of October 29, 2024. Qualified investors can secure their stakes seamlessly on NGX Invest by visiting https://invest.ngxgroup.com.
Jude Chiemeka, Chief Executive Officer of Nigerian Exchange Limited (NGX), emphasized the transformative impact of NGX Invest, stating, “The success of NGX Invest underscores our dedication to providing innovative solutions for issuers and investors. Stanbic IBTC’s confidence in our platform reflects the immense potential we continue to unlock for sustainable growth in Nigeria’s financial markets.”
Kunle Adedeji, Acting Chief Executive of Stanbic IBTC Holdings Plc, highlighted the strategic importance of this capital raise, stressing its alignment with the company’s growth ambitions. “This rights issue will fund critical investments in the oil and gas sector, particularly Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), and gas infrastructure. It will also support power sector reforms, including divestments in distribution companies (Discos), and unlock opportunities in the debt capital market and sustainable finance.” Adedeji expressed gratitude to shareholders for their trust, reinforcing the importance of NGX Invest in meeting regulatory standards and enhancing value delivery.
Temi Popoola, Group MD/CEO of Nigerian Exchange Group, praised the platform’s broader impact: “NGX Invest demonstrates our unwavering commitment to innovation, driving economic growth, and empowering issuers. It positions the Nigerian Exchange as a premier destination for capital formation across Africa.”
With NGX Invest leading the charge in digital capital-raising solutions, the Nigerian financial market is well-positioned to attract investments, engage stakeholders, and foster sustainable economic transformation, ensuring the nation remains competitive in the global economic landscape.
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