Coronation Merchant Bank has completed its recapitalisation programme, raising its paid-up capital to N50,257,767,438 and reinforcing the bank’s balance sheet to support greater operational resilience and efficiency.

A statement from the bank on Sunday stated that the capital raise was carried out through a combination of a rights issue and private placement, which collectively generated more than N32,093,878,138 in fresh equity capital. With this development, the bank has satisfied the N50bn minimum capital requirement for merchant banks set by the Central Bank of Nigeria.

The exercise attracted strong backing from existing shareholders as well as strategic investors, placing the bank in a stronger position to pursue the next phase of growth across its core strategic business segments.

Commenting on the development, the Chairman of Coronation Merchant Bank, Babatunde Folawiyo, said the successful capital raise reflects investors’ confidence in the institution’s strategy and long-term vision.

“The successful completion of this capital raise reflects the strong confidence our shareholders have in the Bank’s strategy and long-term vision.

With a stronger capital base, we are well-positioned to expand our role in supporting Nigeria’s financial markets,” he said.

Also speaking on the development, the Managing Director and Chief Executive Officer of Coronation Merchant Bank, Paul Abiagam, said the recapitalisation strengthens the bank’s capacity to deliver improved value to clients and stakeholders.

“This recapitalisation significantly enhances our capacity to deliver greater value to our clients and stakeholders. Furthermore, it positions the Bank to deliver improved performance, deepen innovation, and expand across our chosen focus markets,” he said.

With the strengthened capital base, the bank is positioned to broaden its offerings across its lending, investment banking, global markets, and treasury operations, while also strengthening relationships with leading corporates and financial institutions in Nigeria.

According to the bank, the milestone underscores the strength of its franchise and reflects the continued confidence of its shareholders and investors, reinforcing Coronation Merchant Bank’s capacity to support its clients at a greater scale and with enhanced capabilities.