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N25bn: NUB Unveils Re-capitalisation Strategy From Kunle Aderinokun in Abuja Board of Directors of NUB International Bank Limited led by its Executive Chairman, Alhaji Muhammad Imam Yahaya, yesterday in Abuja unveiled new strategies to increase its capital base to N25 billion as directed by the Central Bank of Nigeria (CBN). The bank decided to move to achieve the target through the immediate mobilisation of equity funds through a private placement exercise as the first step and a proposal for mergers and acquisitions would be considered as the second step. According to statement signed by Head, Corporate Affairs, Aliu Akoshile, "the directors, who rose from a board meeting and extra-ordinary general meeting in Abuja yesterday gave the management the mandate to pursue these options vigorously, either or both of which should lead to the emergence of NUB International Bank Limited as a stronger and bigger player with a cherished regional heritage." "This," he pointed out, "constitutes the bank's medium to long-term vision." He expressed the bank's confidence that following its successful investment discussions with local and foreign investors, substantial equity funds would be raised in the short-run to shore up its paid-up capital to a level that would make it a medium-range player "This strategy," he believed, "is considered to be the most practical step that can be taken at this time." Adding that "it is envisaged that with the bank's management cognate experience in recapitalisation, the task ahead is not insurmountable." Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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