Nigeria's Skye Bank has won shareholders' approval to raise 50 billion naira ($316 mln) in capital to expand its operations and boost its balance sheet, the mid-tier lender said in a statement on Tuesday.

"The bank would raise Tier 11 capital before the end of the third quarter and seek additional funds through Tier 1 issue in the nearest future," CEO, Kehinde Durosinmi-Etti, said in the statement.

Tier 11 capital refers to debt while Tier 1 is equity.

The lender said it won shareholders' vote last Wednesday to raise the funds by way of debt or equity at home or abroad.