FCMB hails regulators, NGX for pioneering digital capital raise success
By Esther Agbo
FCMB Group Plc has expressed appreciation to key financial regulators and the Nigerian Exchange Group (NGX) for their crucial support in the successful execution of the initial phase of its transformational capitalisation programme.
The achievement is seen as a significant boost to the group’s financial standing and shareholder value.
In a statement, Group Chief Executive Officer of FCMB Group Plc, Mr. Ladi Balogun lauded the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and NGX Group for their collective roles in the capital raise.
Balogun praised the CBN for its leadership, particularly during challenging economic times. He also commended the SEC for its continued efforts in maintaining market confidence and providing crucial regulatory guidance.
The NGX Group, along with its NGX Invest platform, was acknowledged for enabling over 40,000 investors to participate in the public offer via digital channels, a key factor in the success of the capital raise.
According to Balogun, the capital injection will not only strengthen the company’s balance sheet but also enhance customer banking experiences, support community development, and create more value for shareholders.
He emphasised that this initiative would contribute to economic transformation, nation-building, and reshaping the African business narrative.
Moreover, the Group Managing Director and Chief Executive Officer of NGX Group, Temi Popoola, emphasised the role of Go-Live of NGX Invest in modernising financial transactions stating, “With the support of regulators and stakeholders, we have developed a fully digitised market infrastructure for distributing financial products, including public offers and rights issues.
“Our aim is to digitise these transactions to advance financial inclusion and more effectively engage retail investors,” Popoola stated, underscoring the platform’s role in advancing financial inclusion and engaging retail investors.
The success of the capital raise, however, marked by widespread digital participation, underscores the importance of regulatory support and innovation in Nigeria’s evolving financial landscape.
