The Next Edition
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate
No Result
View All Result
The Next Edition
No Result
View All Result
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate
Home Top News

Union Bank: CBN, SEC complete rights issues

Agency Report by Agency Report
January 8, 2018
in Top News
Union Bank: CBN, SEC complete rights issues
0
SHARES
14
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

The Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) have concluded share allotment and capital clearance review of the N50 billion rights issue of Union Bank of Nigeria.

The bank said in a statement in Lagos that the share allotment and capital clearance review by the regulators was concluded in December 2017.

You might also like

Insecurity: APC Governors Back Tinubu, Weigh State Police Option

Tension In Kogi As Armed Men Attack Senator Natasha’s Family Home Again

Tinubu Orders Service Chiefs, IGP To Go After Killers Of Benue People

It said that the rights issue, which closed on October 30, 2017, recorded 120 per cent subscription.

The statement quoted Mr. Emeka Emuwa, the bank’s chief executive officer, as saying that the support of its shareholders had been critical to the rebuilding and transformation of the bank in the past five years.

Emuwa said that the 20 per cent over subscription of the rights issue demonstrated shareholders’ high level of confidence and support for the bank’s short to medium term strategic priorities.

He said that the bank would accelerate the pace of doing business in 2018 having successfully raised the required capital.

Read also: NBS releases 179 reports on Nigeria’s economy

Emuwa said that the bank would commence deployment of the fresh capital across identified business areas to increase capacity to serve customers better.

“Having successfully raised the required capital, we will accelerate the pace of doing business in 2018 as we begin to deploy this fresh capital across identified business areas which will increase our capacity to serve customers better, while also delivering returns to our investors in the short to medium term.

“The new capital will also ensure that the bank maintains a strong buffer above regulatory capital adequacy requirements as it drives towards its vision to be Nigeria’s most trusted and reliable banking partner,’’ he said.

The News Agency of Nigeria (NAN) reports that Union Bank launched the N49.7 billion rights issue on September 20, 2017 to shareholders at the ratio of five new ordinary shares for every seven previously held as at August 21, 2017.

The rights issue prospectus showed that 80 per cent of the offer proceeds would be used as working capital, 12 per cent to be invested in technology, innovation and digitalisation.

The offer document also showed that the remaining eight per cent of the proceeds would be invested in customer touch points. (NAN)

Tags: CBNNANnewsNEXT EDITIONnigerian newspapersSECUnion Bank
Agency Report

Agency Report

Recommended For You

Govern Oyo

Insecurity: APC Governors Back Tinubu, Weigh State Police Option

The Progressive Governors’ Forum (PGF), amid mounting security challenges across the country, has declared its unwavering support for President Bola Tinubu’s efforts to tackle insecurity while urging state...

Natasha Akpoti-Uduaghan Condemns Plateau Killings, Demands Action

Tension In Kogi As Armed Men Attack Senator Natasha’s Family Home Again

Senator Natasha Akpoti-Uduaghan’s family residence has come under fresh attack, marking the second such incident in just over two months. The latest assault occurred Tuesday night in Ihima,...

Palliative: FG Approves N5bn For States, LGs

Tinubu Orders Service Chiefs, IGP To Go After Killers Of Benue People

President Bola Ahmed Tinubu has ordered the nation’s security chiefs and the Inspector General of Police, Kayode Egbetokun, to hunt down those responsible for the recent spate of...

I Won’t Advocate For Self-defence: Benue State Governor – Hyacinth Alia

I Won’t Advocate For Self-defence: Benue State Governor – Hyacinth Alia

Benue State Governor, Hyacinth Alia, has urged citizens not to rely on self-defence as a way to deal with the rising insecurity in the state. He warned that...

Next Post
Murray undergoes hip surgery, eyes Wimbledon return

Murray undergoes hip surgery, eyes Wimbledon return




Related News

Historical Film ‘Amina’ Rises To the Top 10 Trend List In 53 Countries

Historical Film ‘Amina’ Rises To the Top 10 Trend List In 53 Countries

Navy warns Avengers over threat to bomb oil facilities

Ex-Army Chief Ihejirika joins Python Dance II

Ex-Army Chief Ihejirika joins Python Dance II




The Next Edition

Office Address

3B, Agboola Aina street, Off Toyin Street,
Ikeja, Lagos.

Quick Contact Details

Phone:
08033018430
Whatsapp:
08051679910

Email:
advert@nextedition.com.ng
vicki.ibanga@gmail.com

Categories

  • Aviation
  • Beauty
  • Breaking News
  • Business
  • Columnists
  • Editorial
  • Entertainment
  • Fashion
  • Featured
  • Football
  • Foreign
  • Headline News
  • Home & Garden
  • Interviews
  • Investigations
  • North Central
  • North East
  • North West
  • Opinion
  • Parenting
  • Politics
  • Relationships
  • South East
  • South West
  • South-South
  • Special Reports
  • Sports
  • Top News
  • Vox Pops

© Next Edition Business Development Limited

  • About Us
  • Advert Rate
  • Contact Us
  • Privacy Policy
  • Terms of Use
No Result
View All Result
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate

© Next Edition Business Development Limited