FCMB Group Concludes Oversubscribed Public Offer, Raises Over ₦147 Billion
FCMB Group Plc (“FCMB Group”), a prominent financial services provider, has announced the successful completion of its oversubscribed public offer, securing regulatory approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
The public offer was oversubscribed by 33%, attracting 42,800 investors, with 92% utilizing digital channels such as the FCMB mobile app. The initiative brought in over 39,000 new investors, raising a total verified sum of ₦147,508,464,568.60. Of this, ₦144,559,788,701.30 was absorbed through the issuance of 19,802,710,781 ordinary shares at ₦7.30 per share, increasing the total post-offer issued shares to 39,605,421,562.
Regulatory authorities have approved downstreaming the net proceeds from the holding company to First City Monument Bank Limited, the banking subsidiary. This move boosts the subsidiary’s paid-up share capital and share premium to over ₦240 billion, exceeding the minimum requirement for a national banking license under CBN’s recapitalization criteria.
FCMB Group is now progressing through phases two and three of its capital program, aimed at ensuring First City Monument Bank meets the capital requirement for retaining its international banking license.
Ladi Balogun, Group Chief Executive of FCMB Group, expressed gratitude to stakeholders, stating:
“We deeply appreciate our existing shareholders and new investors for their robust support. The success of this public offer underscores investor confidence in our strategy, growth prospects, and commitment to delivering value. We thank the Central Bank of Nigeria, SEC, and the NGX for their guidance, which has been pivotal in achieving this milestone. This accomplishment propels us toward unlocking new opportunities, fostering shareholder value, and contributing to Nigeria and Africa’s economic advancement. We remain committed to completing subsequent phases of our capital-raising program in 2025.”
This milestone solidifies FCMB Group’s vision of becoming a globally recognized financial services leader of African origin, driving economic transformation across its markets.
