The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have approved FCMB Group’s N147 billion rights issue, marking a significant milestone in the bank’s capital-raising efforts.
In a statement issued on Monday, signed by the Company Secretary, Olufunmilayo Adedibu, the Group revealed that the rights offer was oversubscribed by 33%, attracting 42,800 investors. Notably, 92% of subscriptions were made through the bank’s mobile app and other digital channels, bringing over 39,000 new investors to FCMB.
The total amount raised and verified by the regulators is N147,508,464,568.60, with N144,559,788,701.30 absorbed through the issuance of 19,802,710,781 ordinary shares at N7.30 per share. As a result, the total post-offer issued shares now stand at 39,605,421,562.
FCMB confirmed that the proceeds from the offer will be used to strengthen the capital base of its banking subsidiary, First City Monument Bank (FCMB). With this new injection of capital, the bank’s capital base exceeds N240 billion, surpassing the minimum requirement for a national banking license.
The Group also intends to retain its international banking license, a goal that will be supported by subsequent phases of its capital-raising program.
Group Chief Executive, Mr. Ladi Balogun, expressed his gratitude to both existing shareholders and new investors for their strong support of the offer. “The success of this public offer reflects significant investor confidence in our strategy, growth potential, and leadership,” he said. “We are grateful to the CBN, SEC, and Nigerian Exchange Limited for their guidance and support, which has been instrumental in achieving this important milestone.”
This successful offer is an important step forward in FCMB’s journey to unlock new growth opportunities and contribute to Nigeria and Africa’s economic development. The Group remains committed to executing the subsequent phases of its capital-raising program in 2025.
At the recent Extraordinary General Meeting, shareholders approved plans to raise an additional N340 billion in capital.
