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Banking

Urban Development Bank plans to raise USD 236mn from capital market.

Urban Development Bank plans to raise USD 236mn from capital market. Nigerian newspaper The Guardian reported that Urban Development Bank of Nigeria (UDBN) Plc plans to raise NGN 30bn (USD 236.2mn)from the capital market. UDBN plans to build hostel accommodation in tertiary institutions across the country and the funds will be used to fund this project. UDBN Acting Managing Director and Chief Executive Olu Mejule said that the project also targets to build hostels for all Nigerian universities. Mejule further said that UDBN could not raise the funds from the local merchant banks and hence it plans to source the funds from the capital market as well as foreign sources.

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