FCMB Group Plc has announced the successful completion of its public offer, raising N147.5bn with an impressive 33% oversubscription.
The offer, which received the necessary approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), attracted 42,800 investors, 92% of whom subscribed through digital channels such as the bank’s mobile app.
This milestone also welcomed over 39,000 new investors to FCMB Group, showcasing strong confidence in the company’s growth prospects and digital innovation.
The total amount raised and verified by the regulatory authorities is N147,508,464,568.60, and N144,559,788,701.30 was absorbed through the issuance of 19,802,710,781 ordinary shares at N7.30 per share, bringing the total post-offer issued shares to 39,605,421,562 shares.
Regulatory approvals have also been received to downstream the net proceeds of the public offer from the holding company to the banking subsidiary.
This raises the paid-up share capital and share premium, the eligible capital base per CBN’s recapitalisation criteria, of the banking subsidiary, First City Monument Bank Limited, to over N240bn, which exceeds the minimum requirement for a national banking license.
Subsequent phases (2 & 3) of FCMB Group’s capital program, which are currently underway, are aimed at ensuring First City Monument Bank Limited meets the minimum capital requirement to retain its international banking license in line with its vision to be a global financial services group of African origin, renowned for leadership in its chosen markets.
Commenting on the successful completion of the public offer, the Group Chief Executive, Mr Ladi Balogun, said: “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 realise 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 a significant step forward in the Company’s journey to unlock new opportunities, create value for shareholders, and contribute to the economic growth of Nigeria and Africa.”
