RMB Nigeria Leads Presco’s N236bn Rights Issue

Nume Ekeghe

Rand Merchant Bank Nigeria Limited has announced the successful completion of the N236 billion Rights Issue undertaken by Presco Plc, a leading player in the Nigerian agro-industrial sector.

The bank, in a statement, noted that the Rights Issue is the largest non-financial services public capital raise completed in 2025.

RMB served as the Lead Issuing House on the transaction, working closely with Presco to structure, coordinate, and execute a seamless capital raise.

The transaction was undertaken to position the company for sustained growth and to advance its vision of becoming the most profitable, sustainable, and fully integrated edible oils group in Sub-Saharan Africa.  The transaction received strong support from shareholders, with high participation from existing investors, and achieved a subscription level of 103 per cent, reflecting continued confidence in the Company’s long-term strategy and performance.

Commenting on the successful completion of the transaction, Executive Director & Head of Investment Banking at Rand Merchant Bank Nigeria Limited, Chidi Iwuchukwu, stated: “We are pleased to have led the successful and oversubscribed rights issue for Presco PLC, a clear testament to the market’s confidence in Presco’s growth ambitions and long-term strategy. This landmark transaction underscores the strength of Presco’s brand and reaffirms RMB’s position as a leader in delivering bold, value-enhancing capital market solutions. We extend our sincere appreciation to Presco for entrusting us with this mandate and thank the Securities and Exchange Commission (SEC), Nigerian Exchange Limited (NGX), Central Securities Clearing System (CSCS), co-Advisers, and their leadership teams for their collaboration in achieving this outstanding outcome.”

Head of Corporate Finance at Rand Merchant Bank Nigeria Limited, Bimbo Oyeyiga,  added: “The successful completion of Presco’s rights issue marks a significant milestone in Nigeria’s agro-allied industrial sector. We are proud to have supported Presco on this landmark transaction, which is expected to strengthen its market position and reinforce investor confidence in its long-term strategy and leadership. This achievement highlights the resilience of Nigeria’s capital markets and underscores RMB’s unwavering commitment to delivering value-driven solutions that foster the growth and sustainability of Nigeria’s leading agro-allied companies.”