Infinity Mortgage Bank to Raise ₦50 Billion in Fresh Capital

Infinity Trust Mortgage Bank plans to raise ₦50 billion to strengthen its finances, expand operations and improve its competitiveness. Shareholders unanimously approved the proposed capital raise at an extraordinary general meeting in Abuja; it may be conducted through a rights issue, private placement or public subscription offer. They also authorised an increase in issued share capital and approved converting 600 million preference shares into ordinary shares. Managing Director Luqman Bakare said the funds would help the bank seize opportunities as Nigeria pursues its goal of a $1 trillion economy by 2030.