Nigerian Banks Raise N2.4 trillion in Recapitalisation Through Capital Market
Nigerian banks have successfully raised a total of N2.4 trillion through the capital market as part of the ongoing recapitalisation effort mandated by the Central Bank of Nigeria (CBN). This announcement was made by Dr. Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC), during an interview in Abuja.
Agama highlighted the capital market’s crucial role in providing the necessary funding for various sectors of the economy. According to him, Nigeria’s capital market stands as one of the strongest globally, with a Return on Investment (RoI) last year ranking among the best in the world.
“The capital market is strong enough to provide the much-needed funding for various sectors of the economy,” Agama stated. “It is one of the strongest you can think about, our RoI was one of the best in the world last year. When you look at what the capital market has already done with the bank recapitalisation, which is still ongoing, you can agree with me that our market is strong.”
The recapitalisation effort is crucial for ensuring that Nigerian banks meet the required capital adequacy ratios and strengthen their ability to support the country’s growing economy. The successful raising of N2.4 trillion through the capital market signals growing investor confidence and showcases the potential of Nigeria’s financial markets to drive economic development.
