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 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