Signature Bank Limited has increased its capital base to N52bn, surpassing the Central Bank of Nigeria’s (CBN) prescribed minimum capital requirement of N50bn for regional commercial banks, following the successful completion of a rights issue aimed at strengthening its financial position.
The development places the bank in full compliance with regulatory expectations under the ongoing banking sector recapitalisation exercise initiated by the Central Bank of Nigeria to reinforce the resilience and stability of Nigeria’s financial system.
Advertisement
The capital injection forms part of Signature Bank’s broader strategy to bolster its capital adequacy, enhance financial resilience, and support its long-term expansion across its regional banking markets.
By strengthening its balance sheet through shareholder participation, the bank is expected to increase its capacity to finance businesses, undertake larger-ticket transactions, and broaden its operational footprint across key economic corridors.
Chairman of Signature Bank, Tijjani Borodo, said the successful capital mobilisation reflected the confidence reposed in the bank by its shareholders and investors, as well as their commitment to the institution’s long-term growth trajectory.
According to him, the recapitalisation exercise reinforces the bank’s strategic ambition to deepen financial intermediation and contribute meaningfully to enterprise development across its areas of operation.
“The successful execution of this rights issue demonstrates the strong commitment of our shareholders to the bank’s long-term vision,” Borodo said.
“With a strengthened capital foundation, we are better positioned to support enterprise development, promote inclusive growth, and deliver sustainable value to all our stakeholders.”
Also speaking on the development, the Managing Director and Chief Executive Officer of Signature Bank, Nixon Iwedi, described the capital raise as a key milestone in the bank’s growth trajectory.
Iwedi noted that the enhanced capital base would enable the bank to expand its lending capacity, strengthen customer relationships, and accelerate innovation across its banking platforms, particularly in the digital space.
“This achievement marks an important step in our growth trajectory,” he said. “By strengthening our capital base, we have enhanced our ability to support larger-ticket transactions, deepen customer relationships, and accelerate innovation across our banking platforms.”
He added that the bank’s expansion strategy would remain focused on strengthening its presence in major trade centres and emerging economic corridors within its regional banking footprint.
Signature Bank currently provides a wide range of financial services tailored to individuals, small and medium-scale enterprises, and institutional clients.
Its offerings include retail and corporate banking, SME financing, trade finance, structured lending, treasury services, and digital payment solutions.
The bank has also continued to expand its technology-driven banking infrastructure through several digital platforms designed to enhance customer convenience and service delivery.
These include the Signature Mobile App, Signature USSD *647# instant banking service, Signature Core corporate internet banking platform, as well as card services and point-of-sale terminals that enable customers to access banking services seamlessly across multiple channels.
The strengthening of Signature Bank’s capital base positions the institution to play a more active role in credit intermediation, particularly in supporting businesses and productive sectors of the economy.
With the new capital threshold achieved, the bank is expected to deepen lending activities, accelerate digital innovation initiatives, and contribute more significantly to economic growth across its regional markets and the broader Nigerian economy.