Ecobank Nigeria infuses $400 million into capital

Following an injection of capital from Ecobank Transnational Incorporated, its Togo based parent company, Ecobank Nigeria is set to boost its capital base by $400 million.
Mr. Arnold Ekpe, chief executive officer Ecobank Group said the injection of additional funds reflected the group’s commitment to support its subsidiaries and its confidence in the Nigerian market.
Shareholders of the bank at its last annual general meeting approved a capital raising exercise of N120 billion through a combination of equity and equity- related instrument.
The infusion of capital during the current global meltdown, a statement from the bank said demonstrated the strength of the group.
The bank has been able to strengthen its post consolidation operation with a slew of acquisitions of failed banks’ assets in Nigeria.
It acquired the private and public sector’s deposit liabilities of the defunct African International Bank under the purchase and assumption model.
Ecobank had previously assumed the private sector deposit liabilities of All States Trust Bank Plc and Hallmark Bank Plc.
Ecobank Nigeria is part of the Ecobank Group, which currently operates in 27 countries across Africa and accounts for approximately 40 percent of the group.