Signature Bank Limited has successfully elevated its capital base to ₦52 billion, surpassing the ₦50 billion minimum set by the Central Bank of Nigeria (CBN) for regional commercial banks. This capital enhancement, accomplished via a rights issue, places the Bank among those that have adhered to the regulator’s ongoing banking sector recapitalization programme.
The recapitalization initiative, introduced by the CBN in 2024, mandates Nigerian banks to fortify their capital buffers to enhance financial stability, support expanded lending capacities, and bolster resilience against both domestic and global economic disruptions. By exceeding this regulatory benchmark, Signature Bank has fortified its balance sheet, thereby enhancing its capacity to stimulate enterprise development and economic activity within its regional markets.
In response to this achievement, the Chairman of Signature Bank, Alhaji Tijjani M. Borodo, remarked that the successful capital raise illustrates robust shareholder confidence in the bank's approach and governance. "This milestone underscores our shareholders' ongoing commitment to the Bank’s long- term objectives. A stronger capital base not only enhances our resilience but also empowers us to better support businesses and communities while providing sustainable value to all stakeholders," he stated.
Mr. Nixon Iwedi, the Managing Director and Chief Executive Officer, characterized the recapitalization as a pivotal step in the bank's growth journey. "By bolstering our capital base, we are now better positioned to scale responsibly, increase lending activities, and expand our presence across critical economic regions in Nigeria. Our strategy is centered on creating a technology-driven bank that supports entrepreneurs, businesses, and households through innovative financial solutions," he expressed.
Signature Bank offers a wide array of financial services, including retail banking, SME financing, corporate banking, trade finance, treasury services, and digital payment solutions. Through its digital channels, including the Signature Mobile App, USSD *647# banking, payment cards, and merchant POS systems, customers can conveniently access secure banking services via multiple platforms. With its enhanced capital standing, the bank is committed to advancing financial intermediation and contributing to Nigeria’s overall economic development.
About Signature Bank Limited
Established in 2022, Signature Bank Limited is a next-generation financial institution licensed by the Central Bank of Nigeria to provide innovative and customer-centric banking solutions. The bank is dedicated to empowering individuals, businesses, and communities through accessible, secure, and human-centered financial services.
Website: www.signaturebankng.com
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