FCMB Group Plc has announced a resounding success in its recently concluded public offer, securing a whopping ₦147.5 billion with an impressive 33% oversubscription.
This achievement underscores the group’s stature as a leading financial services powerhouse and a beacon of investor confidence.
The offer, approved by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), attracted an extraordinary 42,800 investors, with a groundbreaking 92% opting for digital subscription channels like the bank’s mobile app.
Over 39,000 new investors joined the FCMB Group’s fold, cementing its reputation for innovation and inclusivity in financial services.
Out of the total funds raised, ₦144.56 billion was absorbed through the issuance of 19.8 billion ordinary shares at ₦7.30 per share, pushing the post-offer issued shares to an impressive 39.6 billion.
Regulatory approvals have also been secured to channel the net proceeds to First City Monument Bank Limited, the banking subsidiary, elevating its paid-up share capital and share premium to over ₦240 billion—well above the minimum requirement for a national banking license.
This landmark achievement marks the first phase of FCMB Group’s ambitious capital programme. Phases two and three, set for 2025, aim to ensure First City Monument Bank Limited retains its international banking license, aligning with the group’s bold vision to be a global financial services leader of African origin.
Reflecting on this milestone, Group Chief Executive Mr. Ladi Balogun expressed profound gratitude:
“We deeply appreciate our shareholders and new investors for their overwhelming support.
The success of this public offer is a testament to their confidence in our strategy, growth potential, and the dedication of our board and team. This milestone positions us to unlock fresh opportunities, deliver superior value to shareholders, and contribute meaningfully to Nigeria’s and Africa’s economic prosperity.
“Our heartfelt thanks also go to the Central Bank of Nigeria, the Securities and Exchange Commission, and the Nigerian Exchange Limited for their visionary guidance and support, which have been instrumental in this journey.”
With this milestone accomplished, FCMB Group is poised to continue its transformative journey, reinforcing its leadership in the financial sector and driving growth across Nigeria and Africa.
