This was disclosed in a regulatory filing with the Nigerian Exchange, signed by the Group Company Secretary, Madibinet Cisse, following an Extraordinary General Meeting (EGM) held by the pan-African banking group.

According to the filing, the capital raise will be open for subscription  on a first-come, first-served basis, limited to 100 shareholders initially, with a secondary option for other interested investors.

The instrument’s conversion price will be set above the 5-day Volume Weighted Average Price (VWAP) of Ecobank’s shares on the Nigerian Exchange at the time of conversion. It will be converted to US dollars using the prevailing exchange rate, with a floor price of $0.01 per ordinary share on the conversion date.

This new fundraising initiative follows Ecobank’s successful issuance of $125 million in Senior Notes in May 2025 at a coupon rate of 10.12%, due in 2029. It also builds on an earlier $400 million issuance in October 2024, which carried the same terms.

Both notes received strong interest from investors,  including financial institutions, asset managers, and development finance lenders.

The move reflects the group’s commitment to reinforcing its financial position and enhancing investor confidence.

The six-month campaign, which is set to run between July 1 and December 31, 2024, will see 540 customers of the Pan African bank winning various monetary rewards.

Announcing the commencement of the campaign, Adeola Ogunyemi, head, Consumer Banking, said it is part of the bank’s strategy to reward customers’ loyalty, adding that it would also deepen financial inclusion for all classes of Nigerians, especially those in the rural and semi-urban areas.

She explained that participation is open to both new and existing individual customers of the bank across the country, who qualify to be rewarded, while also enjoying a first-grade banking experience.

According to her,

“Under the reward initiative, 520 of our customers will win N50,000 monthly for 6 months; 16 customers are expected to win N500,000 quarterly in September and December and 4 customers will win N2,000,000 each at the end of campaign. We expect many Nigerians particularly those that are yet to have account with us to avail themselves of this opportunity and enjoy the top-notch services that we offer.”

Speaking on the dynamics of the campaign, Victor Yalokwu, head, Consumer Segments & Products, stated that the conditions to qualify for the campaign were made simple and easy, all in a bid to ensure both new and existing customers participate and get rewarded.

According to him, “New customers only need to open an account with a minimum of N10,000  and maintain for 30 days to qualify for the monthly draw which also applies to existing customers. To qualify for the quarterly draw, new and existing customers are expected to deposit and maintain a minimum amount of N50,000  for 3 months consecutively while to qualify for the grand prize, customers are expected to deposit and maintain a minimum amount of N50,000 for 6 months consecutively. In addition, customers are expected perform a minimum of 2 transactions monthly,” he noted.

Mr. Yalokwu further explained that prospective customers can open an account by visiting here while customers with dormant accounts can visit here to reactivate their accounts.

Ecobank is a major player in the distribution of financial services in Nigeria, leveraging digital platforms including Ecobank Mobile App, MySME App, USSD *326#, Ecobank Online, Ecobank OmniPlus, Ecobank Omnilite, EcobankPay, Ecobank Africa, ATMs, POSs and an extensive distribution network of over 240 branches and over 50,000 Agency Banking locations.