Stanbic IBTC’s N148.7 Billion Rights Issue Boosts NGX Invest Platform Adoption
The Nigerian Exchange’s (NGX) e-offering platform, NGX Invest, has achieved another milestone with the inclusion of Stanbic IBTC Holdings Plc’s N148.7 billion rights issue.
The development underscores the platform’s role in revolutionising capital-raising in Nigeria.
The announcement was made during the Facts Behind the Rights Issue event, highlighting the continued adoption of NGX Invest.
The rights issue, which opened on 15 January and will close on 21 February 2025, allows existing shareholders to subscribe to 2,944,772,083 ordinary shares of 50 kobo each at N50.50 per share.
This offer is structured as five (5) new shares for every twenty-two (22) ordinary shares held as of 29 October 2024.
Shareholders can seamlessly take up their rights through NGX Invest via its website at invest.ngxgroup.com.
Speaking at the event, Jude Chiemeka, Chief Executive Officer of Nigerian Exchange Limited (NGX), lauded the success of NGX Invest.
“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,” he stated.
Kunle Adedeji, Acting Chief Executive of Stanbic IBTC Holdings Plc, acknowledged NGX Invest as an essential tool for executing the rights issue.
He emphasised that the platform facilitates efficient distribution while ensuring regulatory compliance and shareholder value.
Adedeji noted that the proceeds from the rights issue would be strategically channelled to critical sectors, including oil and gas – particularly Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), and gas infrastructure development.
Furthermore, the funds will support power sector reforms through divestments in distribution companies and explore opportunities in the debt capital market and sustainable finance to foster economic growth.
Temi Popoola, Group Managing Director and CEO of Nigerian Exchange Group, also highlighted the transformative 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,” he remarked.
As Nigeria’s financial sector continues to evolve to meet global standards, the NGX Group remains at the forefront, providing state-of-the-art tools that attract investments, enhance stakeholder engagement, and drive sustainable economic transformation.
The success of Stanbic IBTC’s rights issue on NGX Invest reaffirms the platform’s significance in modernising Nigeria’s financial markets and creating new pathways for capital formation.
