FCMB Group Plc schedules Extraordinary General Meeting to expand capital raise
By Sofiyyah Layole
FCMB Group Plc has announced that it will hold an Extraordinary General Meeting (EGM) of its shareholders virtually at 10:00 a.m. on Monday, December 8, 2025, to consider key resolutions related to the expansion of its ongoing capital raise programme.
The proposed resolutions include increasing the Group’s capital raise limit from ₦340 billion to ₦370 billion to fully address the capital requirements of its flagship banking subsidiary, First City Monument Bank Limited (FCMB Limited), in line with the revised minimum capital requirements issued by the Central Bank of Nigeria (CBN).
The Board is also seeking approval to accept oversubscriptions from the 2025 public offer, increase the Company’s issued share capital by creating new ordinary shares, and allot these shares to investors. Additional resolutions include amending Clause 6 of the Company’s Memorandum of Association to reflect the updated share capital and authorising the Board and Company Secretary to take all necessary steps to execute the capital raise, including obtaining regulatory approvals.
The Group’s recapitalisation exercise began in 2024 following CBN’s upward review of minimum capital requirements for banks. The 2024 public offer initially targeted ₦110 billion but raised ₦144.56 billion due to oversubscription.
An additional capital of ₦23.11 billion was raised through a mandatory convertible loan, bringing the total capital raised to ₦167.67 billion.
The ongoing 2025 public offer seeks to raise up to ₦160 billion and has received strong investor interest. Shareholders have been urged to vote in favour of the resolutions to ensure the Group meets regulatory timelines ahead of the March 31, 2026 CBN deadline.
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Tantalizers Plc signs 5-year offtake agreement with US-based Harvester Fisheries LLC
By Sofiyyah Layole
Tantalizers Plc has announced the signing of a landmark five year tripartite offtake agreement with its subsidiary, Tantalizers Fisheries Limited, and Harvester Fisheries LLC, a seafood importer and distributor based in New Bedford, Massachusetts, United States.
The development was disclosed in a document signed by the Company Secretary, Olamide Babawale-Mo.
Under the agreement, Tantalizers Plc and Tantalizers Fisheries Limited will supply Harvester Fisheries LLC with agreed minimum annual quantities of premium wild caught tiger prawns and pure shrimps throughout the contract period. The multimillion dollar deal marks a major step in the company’s expansion into the global seafood export market.
Tantalizers Fisheries Limited operates within a designated Free Trade Zone in Nigeria and is engaged in the harvesting, trawling, processing, and exportation of wild-caught shrimp and prawn products in line with global quality and food safety requirements.
Speaking on the development, Tantalizers Plc Group Managing Director, Robert Speijer, described the agreement as a significant milestone in the company’s diversification drive.
“This agreement marks a significant milestone in our diversification strategy and underscores Tantalizers’ evolution from a purely quick service restaurant brand into a global food, retail, and entertainment group with a strong export footprint,” he said.
Harvester Fisheries LLC has expressed confidence in the production capacity and quality assurance processes of Tantalizers Fisheries Limited.
The agreement, which follows extensive negotiations and due diligence, represents a shared commitment to sustainable growth and cross-border cooperation. It also aligns with Tantalizers Plc’s broader objective of supporting Nigeria’s non-oil export growth and contributing to the development of the country’s blue economy.