The Central Bank of Nigeria and the Securities and Exchange Commission have given their approval to FCMB Group’s N147bn rights offer, as announced in a statement signed by the Company Secretary, Olufunmilayo Adedibu.
The offer, which was oversubscribed by 33% and attracted 42,800 investors, saw 92% of subscriptions made via digital channels like the bank’s mobile app. This resulted in over 39,000 new investors joining the FCMB Group.
A total of N147,508,464,568.60 was raised, with N144,559,788,701.30 absorbed through the issuance of 19,802,710,781 ordinary shares at N7.30 per share. This brings the total post-offer issued shares to 39,605,421,562 shares.
The net proceeds of the public offer will be used to enhance the capital base of FCMB’s banking subsidiary, First City Monument Bank. With this infusion of funds, FCMB’s capital base now stands at over N240bn, surpassing the minimum requirement for a national banking license.
CEO Mr. Ladi Balogun expressed gratitude to shareholders and investors for their support, highlighting the confidence in the company’s strategy and growth potential. He also acknowledged the support of regulatory bodies in achieving this milestone, emphasizing the importance of unlocking new opportunities and creating value for stakeholders.
Looking ahead, FCMB Group plans to raise an additional N340bn as part of its capital-raising program in 2025.
