Unity Bank raises N19.2bn in share sale

Nigeria’s Unity Bank has raised N19.23 billion ($117.4 million) in a share sale to existing shareholders to bolster its capital position as the central bank implements stricter international regulations.

The mid-tier lender sold 38.45 billion shares at 0.50 naira each, the issuing adviser said on Thursday.

The issue was oversubscribed and the bank will refund excess subscription monies to shareholders.

Unity Bank raised the funds to bolster its capital base and finance working capital, the adviser said in a notice.

Nigeria’s central bank has asked lenders to

Access Bank plans N70bn rights issue

There are indications that Access Bank Plc is planning to raise its capital by way of rights issue.

Reuters reported that Access Bank has been meeting with domestic investors over the past week to gauge interest in a possible rights issue of 60-70 billion naira ($369-$431 million) by the fourth quarter, a fund manager and a banking source with knowledge of the roadshow, had said.

Access Bank , which raised a $400 million in Eurobond in June, wants to bolster its core capital, the fund manager who attended the meetings in Lagos told Reuters, declining to be named. Access Bank was also discussing with investors in Abuja.

An official from Access Bank declined to comment. Banks in Africa’s biggest economy have been

Access Bank meeting investors over possible share sale

Access Bank has been meeting with domestic investors over the past week to gauge interest in a possible rights issue of 60-70 billion naira ($369-$431 million) by the fourth quarter, a fund manager and a banking source with knowledge of the roadshow, said on Thursday.

The lender, which raised a $400 million in Eurobond in June, wants to bolster its core capital, the fund manager who attended the meetings in Lagos told Reuters, declining to be named. Access Bank was also discussing with investors in Abuja.

An official from Access Bank declined to comment.

Banks in Africa’s biggest economy have been boosting their capital levels in recent months, as the industry this year adopts new

Africa Forex Week Ahead: Naira seen steady on offshore investors, oil companies dollar flow

Nigeria’s naira is seen stuck in a tight range in the coming week, drawing support from possible dollar flows from offshore investors and foreign energy companies selling dollars to banks.

The local currency has traded around 161.90-162.70 against the dollar in the last two weeks on support from consistent greenback flows from oil companies’ month-end dollar sales and inflows from offshore investors buying local debt.

The naira traded at 161.85 to the dollar on Thursday, compared with its 161.90 close the previous day, and traders see no major change in the value of the currency in the near term.

“Market is dollar liquid to support the present demand from importers, we are not expecting very much change from the present value of the naira as long as