Five Nigerian banks have in the last two months raised the sum of N1.26 trillion from the Capital Market.
The banks are Zenith, Guarantee Trust, Access, Fidelity and FCMB.
Director-General of the Securities and Exchange Commission, Dr Eromomotimi Agama, announced that the five banks which recently went to the market to raise fresh capital had their Offers oversubscribed.
According to Bloomberg, in an interview with the SEC boss in Lagos, the banks had their bags full. This, thus, signifies the robust nature of the Nigerian economy.
Central Bank of Nigeria had recently called on banks operating in the country to increase their capital base.
Subsequently five banks, Guaranty Trust Holdings Plc, Zenith Bank Plc, Access Holdings Plc, Fidelity Bank Plc, and FCMB Group Plc, approached the market to raise funds through a combination of public offers and rights issues.
All together, the banks in the last two months raised a total of about N1.26 trillion ($770m).
The fresh capital was raised ahead of the two-year deadline that the CBN gave to the banks.
The SEC DG also added that younger investors are increasingly embracing the capital market.