Ageless and ever innovative financial group, Union Bank of Nigeria is currently planning to seek shareholder approval next month to raise 50 billion naira ($158.7 million) through a share sale to existing investors.
In a notice to shareholders, the lender also said it will seek approval to increase its authorised share capital to 17.5 billion naira from 9.5 billion naira on December 7, 2016.
Experts say the deal will capture the support of shareholders who are expected to gain from the outing on maturity.
