The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have approved FCMB Group’s N147bn rights offer, marking a major milestone in the bank’s capital-raising efforts. According to a statement signed by the Company Secretary, Olufunmilayo Adedibu, the offer was oversubscribed by 33%, attracting 42,800 investors, with 92% subscribing through digital channels like the bank’s mobile app.
Regulators verified a total of N147,508,464,568.60 raised during the offer. Of this, N144,559,788,701.30 was absorbed through the issuance of 19,802,710,781 ordinary shares at N7.30 per share, increasing FCMB Group’s total issued shares to 39,605,421,562.
The proceeds will bolster the capital base of FCMB’s banking subsidiary, First City Monument Bank, raising the group’s overall capital base to over N240bn, well above the requirement for a national banking license. The injection also positions FCMB to maintain its international banking license as it progresses with subsequent phases of its capital-raising program.
Group Chief Executive Ladi Balogun expressed gratitude to shareholders, new investors, and regulators, saying, “The success of this public offer underscores significant investor confidence in our growth strategy and the trust in our leadership and people. This milestone unlocks new opportunities, creates shareholder value, and reinforces our commitment to Nigeria and Africa’s economic growth.”
At a recent Extraordinary General Meeting, shareholders approved FCMB’s plan to raise an additional N340bn in capital by 2025, further advancing its strategic goals.
