Jimoh Ibrahim to List Bank Shares on Stock Exchange

By Modupe Gbadeyanka

Ondo State-born businessman, Mr Jimoh Ibrahim, is planning to list shares of his company on the Ghana Stock Exchange (GSE).

The Nigerian business mogul owns Energy Commercial Bank, which he established in 2009. The company is a subsidiary of his Global Fleet Group, which has its based in Lagos, Nigeria.

According to reports, Mr Ibrahim is in talks with the Securities and Exchange Commission (SEC) Ghana on the possibility of commencing the listing before the end of August 2018.

It was gathered that authorities of the exchange are in the final stage of the approval.

Energy Commercial Bank plans to raise over $60 million selling more than 50 percent 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.

Forbes reports that in 2017, the Bank of Ghana tripled minimum capital requirements for banks to 400 million Cedis as part of reforms to strengthen the industry.