I have been a fan of the public offers of the different companies in Nigeria for a while. A lot of them have been success stories. Examples include Zenith Bank, Oceanic Bank, GT Bank, and First Bank. A lot of banks had to go to the market to be able to raise funds to meet and exceed the N25billion capitalization value.

But in recent months, a lot of these banks are coming back to the market. We have had First Bank and Oceanic. Now, Fidelity, FCMB and AfriBank are back in the market with fresh public offers. To add more salt to injury, Zenith and BankPHB are to raise fresh funds soon.

I am beginning to be suspicious of these constant public offers. It leads to abuse. Why do these companies need to return to the market? In a way, it seems it has become something of a status symbol with these companies – who can raise the most amount? Who has the highest value and capitalization? And I dont think that should be the case. I hope something is done about it. Else it will lead to serious abuse and lack of accountability.