Coronation Meets N50bn Capital Base For Merchant Banks

Coronation Merchant Bank said it has completed its capital-raising programme, with its paid-up capital now standing at N50.257 billion. This means the bank has joined the list of banks that have raised their capital base to the new threshold ahead of the March 31, 2026 recapitalisation deadline.

The capital raise was executed through a combined rights issue and private placement, which together generated over N32,093,878,138 in new equity capital, bringing its news capital base to N50,257,767,438.

The resulting capital base satisfies the N50 billion minimum capital requirement for merchant banks prescribed by the Central Bank of Nigeria.

Chairman of Coronation Merchant Bank, Mr Babatunde Folawiyo, speaking on the recapitalisation of the bank, said “the successful completion of this capital raise reflects the strong confidence our shareholders have in the Bank’s strategy and long-term vision. With a stronger capital base, we are well-positioned to expand our role in supporting Nigeria’s financial markets.”

Also commenting, the Managing Director and Chief Executive of Coronation Merchant Bank, Mr Paul Abiagam, said, “this recapitalisation significantly enhances our capacity to deliver greater value to our clients and stakeholders.

Furthermore, it positions the Bank to deliver improved performance, deepen innovation, and expand across our chosen focus markets.”

With a stronger capital base, the Bank is well positioned to expand its offerings across lending, investment banking, global markets, and treasury, whilst deepening relationships with Nigeria’s leading corporates and financial institutions.

This milestone reflects the strength of the Bank’s franchise and the continued confidence of its shareholders and investors, reinforcing Coronation Merchant Bank’s capacity to support its clients at a greater scale and with enhanced capabilities.