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Business News

Recapitalisation: SEC Threatens Fine for Wrong Capital-Raising Processes

SEC Nigeria

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By Aduragbemi Omiyale The Securities and Exchange Commission (SEC) has threatened to sanction any financial institution involved in the wrong capital-raising process as the race to meet the new minimum capital requirement of the Central Bank of Nigeria (CBN) begins. The CBN in March directed financial institutions, particularly banks to increase their capital base from N25 billion to N500 billion for lenders with an international licence and N200 billion for lenders with national coverage within two years. Already, a few of them have rushed to the capital market, particularly Fidelity Bank, to source funds from investors to shore up their

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