Greenwich Merchant Bank Crosses N50bn Capitalisation

Greenwich Merchant Bank said it met the N50 billion capitalisation threshold mandated by the Central Bank of Nigeria (CBN) following its successful N22.6 billion capital injection through a Rights Issue and Private Placement.

In a statement, the bank said it has not only met but exceeded the apex bank’s regulatory requirement, firmly positioning itself among Nigeria’s most adequately capitalised and forward-looking financial institutions.

Speaking on the development, the chairman of Greenwich Group, Kayode Falowo, described the milestone as a pivotal moment in the bank’s growth trajectory. “This is a significant milestone in our growth journey and a strong testament to the resilience and commitment of everyone across the organisation.

“It positions us strategically for the next expansion and service delivery phase. We thank our shareholders for their trust and commend our Board and Management for their outstanding contributions,” Falowo said.

Also, the managing director and chief executive of Greenwich Merchant Bank, Benson Ogundeji, emphasised that the successful capital raise reflected investors’ confidence in the Bank’s vision and long-term strategy.

“Our successful capital raise is not just a regulatory compliance milestone; it is proof of our shareholders’ confidence in our vision and the trust our clients and partners have built with us over the years. We see this as a springboard for strengthening our capacity to deliver innovative financial solutions while contributing meaningfully to Nigeria’s economic growth and stability,” he said.

According to the bank, the new capital base strengthens its capacity to underwrite larger transactions, provide more competitive financing terms, and expand its range of bespoke financial solutions to corporate, institutional, and high-net-worth clients.

The bank noted that the newly bolstered capital base will be strategically deployed to drive technological innovation, expand product offerings, and consolidate its market presence, as it plans to roll out new initiatives including digital investment platforms, SME-focused lending solutions, sustainable finance instruments, and enhanced wealth management services.