Ecobank Group seeks privileged investors for $250m capital raise after emergency meeting
Ecobank Group is seeking investors for a $250 million capital raise following approval at an emergency general meeting. Subscription is prioritized for the first 100 shareholders on a first-come, first-served basis. The capital raise is partly driven by the Central Bank of Nigeria's directive for banks with international operations to increase their regulatory capital tenfold to N500 billion by next March. This recapitalization aims to strengthen banks after the naira's devaluation and to help Nigeria achieve a trillion-dollar economy by 2030. Ecobank will set the conversion price of the capital-qualifying instrument higher than the 5-day VWAP on the NGX. Last month, Ecobank rolled an extra $125 million into its $400 million Eurobond to refinance debt and for other purposes.
