One of the defining themes for African investment banking in 2025 was Nigeria’s banking recapitalisation programme. Chapel Hill Denham positioned itself at the centre of that process, supporting financial institutions through recapitalisation and strategic transformation while also positioning itself for the industry’s next phase of consolidation.
That strategy reflected the firm’s conviction that recapitalisation would reshape Nigeria’s financial services industry rather than represent a one-off fundraising exercise. As Bolaji Balogun, chief executive of Chapel Hill Denham, explains: “Over time, capital formation in Nigeria and across Africa will increasingly be driven by pensions, insurance and capital markets rather than banks.
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