From Bloomberg
The Nigerian unit of pan-African lender Ecobank Transnational Inc. (ETI) plans to raise at least $500 million of equity to increase funding as the country sets stricter capital adequacy requirements for banks.
“Next week, we’re meeting in Johannesburg where the capital plan will be finalized,” Jibril Aku, chief executive officer of Ecobank Nigeria Ltd., the lender’s largest subsidiary, said in an interview in London today. “We’ll be looking at $500 million-plus. That would take us toward an 18 percent capital-adequacy ratio.”
Ecobank Nigeria has also arranged a $150 million loan from a group of seven lenders, including Standard Chartered Plc., which was the lead coordinator. The one-year facility, which can be extended to three years, will be used to provide loans to Ecobank Nigeria’s oil production and exploration clients.
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