FCMB Group Plc, a leading financial services group, has announced the successful completion of its public offer.
Approved by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), the offer was oversubscribed by 33%, attracting 42,800 investors, with 92% subscribing via digital channels such as the bank’s mobile app.
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The total amount raised and verified by regulatory authorities is N147,508,464,568.60, with N144,559,788,701.30 absorbed through the issuance of 19,802,710,781 ordinary shares at N7.30 per share, bringing the total post-offer issued shares to 39,605,421,562 shares.
Regulatory approvals have been received to downstream the net proceeds of the public offer from the holding company to the banking subsidiary, First City Monument Bank Limited. This raises the paid-up share capital and share premium, being the eligible capital base as per CBN’s recapitalization criteria, to over N240 billion, exceeding the minimum requirement for a national banking license.
Commenting on the successful completion of the public offer, Group Chief Executive Mr. Ladi Balogun said, “We are grateful to our existing shareholders and new investors for coming out strongly to support this offer.
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“The success of the public offer reflects significant investor confidence in our strategy and growth potential, as well as trust in the board, leadership, and our people to fulfill our commitments and realize this potential.”
He also extended appreciation to the CBN, SEC, and Nigerian Exchange Limited (NGX) for their continued support.
Balogun added, “This marks an important step forward in our journey to unlock new opportunities, create value for our shareholders, and contribute to the economic growth of Nigeria and Africa.
“We remain committed to executing the subsequent phases of our capital-raising program in 2025.”
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