Business Hilights
Tracking Nigeria's Headline Business News Online

Jimoh Ibrahim’s Energy Bank gets SEC’s nod to raise GH¢340m in Ghana

Founder of Global Fleet Oil and Gas group in Nigeria and Energy Commercial Bank in Ghana, Ondo State-born Dr Jimoh Ibrahim has secured the Securities and Exchange Commission (SEC) to raise GH¢340 million in shares from the investing public.
Energy Commercial Bank presently operates 12 branches in Ghana- five in Accra, three in Kumasi, and the rest in Tema, Takoradi and Tamale.
Already, the leading oil and gas driven financial institution had earlier received “No Objection” from the Bank of Ghana (BoG) as well as the Ghana Stock Exchange (GSE) to raise capital by offloading over 50 per cent of shares.
Business Hilights Ghana Bureau Chief gathered from the Ghana News Agency (GNA) that Energy Bank is floating millions of shares to investors through an Initial Public Offer (IPO).
Details show that the shares will subsequently be listed on the Ghana Stock Exchange where they will trade on the secondary market.
In an interview in Accra, Board Chairman, Dr. Jimoh Ibrahim received the statutory nod with excitement as the IPO deal will among other things, enable the Bank to recapitalize ahead of time to the tune of GH¢400 million.
He said “Energy Commercial Bank is moving to another level by listing on the GSE, offering opportunities to many Ghanaians and investors to become part owners of the noble but vibrant institution”.
“We have been operating for almost seven years and it is now time for many Ghanaians to become part of the success story of the Bank. We have year-on-year exhibited solid banking practices (risk, operational and audit) – elements described as very crucial in the sustenance of banking business”, he emphasized.
In her response, Managing Director and Chief Executive Officer of Energy Bank, Christiana Olaoye disclosed that “the Bank has performed well over the years in areas of driving healthy capital adequacy and liquidity ratios which amount to ensuring safety of depositors’ funds and maximizing returns to shareholders.”