Public offer: FCMB raises N147.5 billion with 33% over subscription
FCMB Group Plc (“FCMB Group” or the “Group”), a leading financial services organisation, is pleased to announce the successful completion of its public offer, following approvals from 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 convenient digital channels such as the bank’s mobile app. This resulted in over 39,000 new investors joining FCMB Group.
The total amount raised and verified by the regulatory authorities is N147,508,464,568.60, of which N144,559,788,701.30 was 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.
Regulatory approvals have also been received to downstream the net proceeds from the public offer from the holding company to the banking subsidiary.
This raises the paid-up share capital and share premium, which forms the eligible capital base under the CBN’s recapitalisation criteria, of the banking subsidiary, First City Monument Bank Limited, to over N240 billion, surpassing the minimum requirement for a national banking licence.
Subsequent phases (2 & 3) of FCMB Group’s capital programme, which are currently underway, aim to ensure that First City Monument Bank Limited meets the minimum capital requirement to retain its international banking licence, in line with its vision to be a global financial services group of African origin, renowned for leadership in its chosen markets.
Commenting on the successful completion of the public offer, the Group Chief Executive, Mr. Ladi Balogun, said, “We are grateful to our existing shareholders and new investors for their strong support of this offer.
“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 fulfil our commitments and realise this potential.
“We also extend our profound appreciation to the Central Bank of Nigeria, the Securities and Exchange Commission, and the Nigerian Exchange Limited (NGX) for their continued foresight, innovation, guidance, and support, which have been instrumental in achieving this significant milestone.
“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 programme in 2025.”
