Stanbic IBTC leverages NGX invest for N148.7bn rights issue

The Nigerian Exchange Limited (NGX) e-offering platform, NGX Invest, continues to revolutionise capital-raising in Nigeria with the addition of Stanbic IBTC Holdings Plc N148.7 billion rights issue.

Presented at the Facts Behind the Rights Issue event on Tuesday, the Rights Issue, which has been open since January 15 and will close on February 21, 2025, highlights the growing adoption of NGX Invest, a platform designed to streamline capital raising and enhance investor participation.

The rights issue allows existing shareholders to subscribe to 2,944,772,083 ordinary shares of 50 kobo each at N50.50 per share, structured as five (5) new shares for every twenty-two (22) ordinary shares held as of October 29, 2024. Qualified investors can seamlessly take up their rights via the platform at https://invest.ngxgroup.com

Speaking on the significance of NGX Invest, Jude Chiemeka, Chief Executive Officer of Nigerian Exchange Limited (NGX), remarked, “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 our infrastructure reflects the opportunities we continue to create for sustainable growth in Nigeria’s financial markets.”

Read also: Stanbic IBTC shops for N148.7bn from existing shareholders

Kunle Adedeji, acting Chief Executive of Stanbic IBTC Holdings Plc, acknowledged NGX Invest as an essential tool in facilitating the rights issue. He noted that 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, emphasising the strategic importance of the rights issue. Adedeji emphasized 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 power sector reforms, including divestments in distribution companies (Discos), and explore opportunities in the debt capital market and sustainable finance to foster economic transformation.

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.

Temi Popoola, Group CEO, Nigerian Exchange Group recently highlighted the broader impact of NGX Invest, saying that, “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.”