FCMB Group Successfully Completes Public Offer, Raises ₦147.5 Billion With 33% Oversubscription

FCMB Group Plc (“FCMB Group” or the “Group”), a leading financial services institution, has announced the successful completion of its public offer, securing ₦147.5 billion. The offer, which received regulatory approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), was oversubscribed by 33%, underscoring strong investor confidence.

Cablenews24 reports that the offer attracted 42,800 investors, with 92% subscribing through digital channels, including the bank’s mobile app. This innovation welcomed over 39,000 new investors to the FCMB Group. The verified amount raised stands at ₦147,508,464,568.60, of which ₦144,559,788,701.30 was absorbed through the issuance of 19,802,710,781 ordinary shares at ₦7.30 per share. Following the offer, the Group’s total issued shares now stand at 39,605,421,562.

Regulatory approvals have also been obtained to channel the net proceeds of the offer to First City Monument Bank Limited, the Group’s banking subsidiary. This increases its paid-up share capital and share premium to over ₦240 billion, surpassing the CBN’s recapitalization requirement for a national banking license.

Additionally, the Group is advancing phases 2 and 3 of its capital program to ensure First City Monument Bank Limited meets the capital requirements for retaining its international banking license. These steps align with the Group’s vision to evolve into a global financial services leader of African origin.

Group Chief Executive, Mr. Ladi Balogun, expressed gratitude to shareholders, investors, and regulatory authorities, stating:

“We are deeply appreciative of the overwhelming support from our shareholders and investors. This milestone reflects the confidence in our strategy and growth potential. It is also a testament to the trust placed in our board, leadership, and people to deliver value and drive sustainable growth.

“We thank the Central Bank of Nigeria, the Securities and Exchange Commission, and the Nigerian Exchange Limited for their guidance and support throughout this process. This achievement marks a significant step forward in our journey to create value for shareholders and contribute to economic growth in Nigeria and across Africa. We remain committed to executing the subsequent phases of our capital-raising program in 2025.”

This successful public offer highlights FCMB Group’s ongoing commitment to innovation, market leadership, and strengthening its position as a trusted financial partner.

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