WATCH THE VIDEO HERE About N147.5 billion has been raised by the First City Monument Bank (FCMB) Group Plc from a public offer, recording a 33 per cent oversubscription, a statement from the financial institution has confirmed. This disclosure disclosed that the exercise attracted about 42,800 investors, with 92 per cent subscribing via more convenient digital channels such as the bank’s mobile app and ushering in over 39,000 new investors to the financial services group. The funds from the public offer will help the banking subsidiary of the company, FCMB Limited, meet the new capital base requirement of the Central Bank of Nigeria (CBN). It was stated that from the N147.5 billion, about N144.6 billion was absorbed through the issuance of 19,802,710,781 ordinary shares at N7.30 per share, bringing total post-offer issued shares to 39,605,421,562 shares. “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 fulfil our commitments and realise this potential. “We also extend our profound appreciation to the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and the Nigerian Exchange (NGX) Limited 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 program in 2025,” the chief executive of FCMB, Mr Ladi Balogun, said. Business Post reports that with new funds raised from the public offer, the capital base of FCMB is now N240 billion, more than the N200 billion requested by the CBN for banks with national licenses, the category the lender falls into. Banks in Nigeria were given till March 2025 by the banking sector to raise their capital base to meet the $1 trillion economy by $1 trillion by 2030.
FCMB Raises N147.5bn from Public Offer, Meets CBN’s New Capital Base
