Three Nigerian stock exchange-listed companies are set to raise about N58.6 billion ($136 million) from rights issues this year, according to a media report.

The three companies are Wema Bank Plc (N40 billion), Abbey Mortgage Bank Plc (N15 billion) and Neimeth International Pharmaceuticals Plc (N3.6 billion), Lagos-based financial information and content creation company, Nairametrics, reported.

Most Nigerian corporates have abandoned public listings on the capital market due to inflationary pressure and other economic woes.

The report stated that floating rights issues are a “big challenge” at this time of instability and strong dollar, as most core investors give dollar-denominated loans to companies.

(Editing by Brinda Darasha;