As part of its revolutionary efforts to enhance capital-raising in the country, the Nigerian Exchange’s (NGX) has added Stanbic IBTC Holdings Plc’s N148.7bn rights issue to its e-offering platform- NGX Invest.
The NGX Invest is a platform designed to streamline capital raising and boost investor participation.
Under the rights issue, Stanbic IBTC Holdings is offering shareholders 2,944,772,083 ordinary shares of 50 kobo each at N50.50 per share, in the ratio of five new shares for every 22 units held as of October 29, 2024. Speaking on the significance of NGX Invest,
The Rights Issue, which opened since January 15, will close on February 21, 2025.
Speaking at the Facts Behind the Rights Issue of the group, Jude Chiemeka, Chief Executive Officer of Nigerian Exchange Limited (NGX) said “the success of NGX Invest as a capital-raising platform reinforces our commitment to providing innovative solutions for issuers and investors alike.”
Stanbic IBTC’s confidence in the NGX’s infrastructure, he added, “reflects the opportunities we continue to create for sustainable growth in Nigeria’s financial markets.”
Also speaking at the event, Kunle Adedeji, Acting Chief Executive of Stanbic IBTC Holdings Plc, acknowledged NGX Invest as an essential tool in facilitating the rights issue.
For him, the platform would enable Stanbic IBTC to distribute its rights issues efficiently while meeting regulatory requirements and delivering value to its shareholders.
He expressed deep appreciation for the confidence shown by shareholders, emphasizing the strategic importance of the rights issue, emphasizing that the funds raised would drive growth in critical sectors such as oil and gas, with a focus on Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), and gas infrastructure.
The proceeds will also support the power sector reforms, including divestments in distribution companies (Discos), and explore opportunities in the debt capital market and sustainable finance to foster economic transformation.
In a recent statement, Temi Popoola, Group MD/CEO of Nigerian Exchange Group, highlighted the broader impact of NGX Invest, “At NGX Group, we are committed to fostering innovation that drives economic growth and empowers issuers to achieve their goals. NGX Invest exemplifies how we continue to position the Exchange as the preferred destination for capital formation in Africa.”
As Nigeria’s financial sector evolves to meet regulatory benchmarks, NGX Group remains at the forefront, offering cutting-edge tools that attract investments, engage stakeholders, and drive sustainable economic transformation.