Stanbic IBTC Holdings Plc has unveiled a plan to allocate 96.3 per cent of the N148.7 billion raised from its rights issue to bolster its banking subsidiary.
This strategic move underscores the group’s commitment to driving economic development through investments in critical sectors of the Nigerian economy, it said.

The rights issue, comprising 2.94 billion ordinary shares priced at N50.50 each, was offered on a five-for-22 basis to existing shareholders. At the ‘facts behind the issue’ event held at the Nigerian Exchange Limited (NGX) in Lagos, the Acting Chief Executive Officer of Stanbic IBTC Group, Kunle Adedeji, said while 96.3 per cent of the rights issue proceeds would be deployed into the banking subsidiary, 42 per cent would go into corporate and investment banking to boost counter-cyclical sectors such as manufacturing, power, agriculture and telecommunications.

He said 27 per cent of the proceeds would be allocated to its business and commercial banking to support SMEs and commercial enterprises, especially in general commerce while 11 per cent would be utilised for personal and private banking to improve credit access for individuals and enhance financial inclusion.

Adedeji stated that these allocations align with Stanbic IBTC’s mission to support industries critical to Nigeria’s economic growth, noting that the financial sector is central to achieving the country’s $1 trillion economy target.

He said the bank will also invest 14.11 of the proceeds in IT infrastructure upgrades, including modernising cyber and information security systems to enhance operational resilience and customer experience.

“Additionally, 2.22 per cent will fund the expansion of its distribution network, with a focus on establishing eco-friendly and technologically advanced branches,” he said.