Nigerian businessman Jimoh Ibrahim is planning to list shares in Energy Commercial Bank on the Ghana Stock Exchange this month.
His Energy Commercial Bank is at the final phase of receiving approval from Ghana’s Securities and Exchange Commission (SEC) to float its shares on the stock exchange by August 2018, according to a report by African Markets.
The bank’s listing prospectus is currently with the Ghanaian SEC for final scrutiny, a report in Forbes.com indicated.
Energy Commercial Bank is looking to raise more than $60 million by floating over 50% of its shares to Ghanaian institutional and retail investors, in a bid to recapitalize to more than ¢400 million ($83.5 million) in line with new directives from the Bank of Ghana.
Last year, the Bank of Ghana tripled minimum capital requirements for banks to 400 million Cedis as part of reforms to strengthen the industry.
Nigerian businessman Jimoh Ibrahim, 51, founded Energy Commercial Bank in 2009. The financial institution is a subsidiary of Global Fleet Group, the Nigerian business conglomerate which Ibrahim owns completely. Global Fleet has interests in oil distribution, financial services, media and real estate.