Infinity Trust Mortgage Bank, a Nigerian mortgage bank, plans to raise 50 billion nairas (37.5 million USD) through rights issue, private placement, or public offering. The project was approved by shareholders at an extraordinary general meeting in Abuja, according to the bank’s president, Nkechi Bibilari.
The operation includes an increase in share capital and the issuance of new ordinary shares intended to be listed on the Nigerian Exchange (NGX).
Shareholders also approved the conversion of 600 million preference shares, with a nominal value of 600 million nairas (450,000 USD), into ordinary shares.
Managing Director Luqman Bakare stated that the funds would aim to increase the institution’s financing capacity and support the development of its activities in the Nigerian mortgage market.
The bank also aims to anticipate potential new regulatory requirements. The Central Bank of Nigeria has raised the minimum capital thresholds for commercial banks to 200 billion nairas (150 million USD) for institutions with a national license and 500 billion (375 million USD) for those operating internationally.
