Kayode Tokede
In continuation of the ongoing recapitalisation exercise in the banking sector, four Deposit Money Banks (DMBs) have rejected a total of N4.8 billion subscriptions from investors due to multiple rights subscriptions, non-qualified shareholders, and failure to pass the Capital Verification Exercise (CVE) of the Central Bank of Nigeria (CBN), among other reasons, THISDAY has learnt.
CVE is an initiative by the CBN aimed at ensuring that banks operating within the country comply with the required minimum capital thresholds set by the apex bank.
This exercise is usually a part of the CBN’s regulatory and supervisory activities to maintain a sound and stable financial system in Nigeria.
Under the ongoing recapitalisation exercise, Zenith Bank Plc, Access Holdings Plc, FCMB Group Plc, and Fidelity Bank Plc have so far announced the result of their rights issue and public offer to the investing public on the Nigerian Exchange Limited (NGX).
The four banks…
Source: Thisday Newspaper
