Ecobank Nigeria boosts capital by $400m

Ecobank Nigeria is set to boost its capital base by US $ 400 million (N45 billion) following an injection of capital from its Togo-based parent company, Ecobank Transnational Incorporated (ETI).

The infusion of capital, at a time of considerable turmoil in the market, demonstrates the strength of the Ecobank Group. It also reflects ETI's commitment to support its subsidiaries, and its confidence in the Nigerian market.

“In the face of current market conditions, we believe it is appropriate to further capitalize our subsidiary in Nigeria,” says Arnold Ekpe, Group Chief Executive Officer of the Ecobank Group.

At its last annual general meeting, shareholders of Ecobank Nigeria approved a capital raising exercise to rise up to N120 billion, through a combination of equity and equity-related instruments.

The N45 billion infusion from ETI, is part of this capital raising, accordingly ETI Ecobank Nigeria has continued its growth plan with its recent acquisition of AIB, following earlier acquisitions of Hallmark Bank and Allstates Trust Bank, which together increases its branches and offices in Nigeria to 243.

Ecobank Nigeria is part of the Ecobank Group, which currently operates in 27 countries across Africa. Ecobank Nigeria accounts for approximately 40 per cent of the Ecobank Group.