First City Monument Bank Group Plc (FCMB) has announced plans to raise fresh equity capital through an Offer for Subscription, following shareholder approval at its Extraordinary General Meeting (EGM) held on December 19, 2024.
In a statement released to the Nigerian Exchange (NGX), the company said the move is part of its strategy to strengthen its capital base in anticipation of both regional and international expansion.
Proceeds from the equity raise will be injected as additional capital into its flagship subsidiary, First City Monument Bank Limited.
The board disclosed that the pricing of the offer will be based on the prevailing market price, with a discount structure to make the offer attractive to investors.
However, full details—including the size, structure, and timeline of the capital raise will be made public once regulatory approval is secured from the Securities and Exchange Commission (SEC).
On December 30, 2024, FCMB announced the successful completion of its landmark public offer, raising N147.5 billion with a 33% oversubscription.
According to the company, a total of N147,508,464,568.60 was raised and verified by regulators, while N144,559,788,701.30 was absorbed through the issuance of 19.8 billion ordinary shares at N7.30 per share. This brought the company’s post-offer issued shares to 39.6 billion.
Regulatory approvals were also received to downstream the net proceeds from the holding company to the banking subsidiary, boosting First City Monument Bank’s paid-up share capital and share premium—recognized as eligible capital under the Central Bank of Nigeria’s (CBN) recapitalization framework—to more than N240 billion. This exceeded the minimum requirement for a national banking license.
The Group noted that subsequent phases (2 and 3) of its capital program are already underway to ensure First City Monument Bank Limited meets the higher minimum capital requirement needed to retain its international banking license. This aligns with FCMB’s long-term vision to become a global financial services group of African origin, renowned for leadership in its chosen markets.