FCMB Group Plc, a prominent financial services organization, is delighted to announce the successful conclusion of its public offer, following the necessary approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
The offer saw an oversubscription of 33%, drawing in 42,800 investors, with 92% opting for more accessible digital platforms, including the bank’s mobile application, resulting in over 39,000 new investors joining the FCMB Group.
The total funds raised and confirmed by regulatory bodies amount to ₦147,508,464,568.60, with ₦144,559,788,701.30 utilized through the issuance of 19,802,710,781 ordinary shares at ₦7.30 each, increasing the total number of issued shares post-offer to 39,605,421,562.
Regulatory approvals have also been granted to transfer the net proceeds of the public offer from the holding company to the banking subsidiary. This action elevates the paid-up share capital and share premium of First City Monument Bank Limited, the banking subsidiary, to over ₦240 billion, surpassing the minimum capital requirement for a national banking license as stipulated by the CBN.
The subsequent phases (2 & 3) of FCMB Group’s capital initiative, currently in progress, are designed to ensure that First City Monument Bank Limited meets the minimum capital requirements necessary to maintain its international banking license, aligning with its ambition to become a globally recognized financial services group of African origin, distinguished for its leadership in selected markets.
In response to the successful public offer, the Group Chief Executive, Mr. Ladi Balogun, remarked:
“We are grateful to our existing shareholders and new investors for coming out strongly to support 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 fulfill our commitments and realize 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 has 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 program in 2025.”