FCMB Group Plc has successfully concluded its public offer, raising ₦147.5 billion with an impressive 33% oversubscription. The achievement followed approvals from the Central Bank and the Securities and Exchange Commission (SEC).
The offer attracted 42,800 investors, with 92% leveraging digital platforms such as the bank’s mobile app, introducing over 39,000 new investors to the group, according to the company’s secretary, Oluwafunmilayo Adedibu.
Adedibu noted in a statement that the total amount raised and verified by regulators is ₦147,508,464,568.60, with ₦144,559,788,701.30 absorbed through the issuance of 19,802,710,781 ordinary shares priced at ₦7.30 each. This brings the group’s total post-offer issued shares to 39,605,421,562.
Regulatory approvals have been obtained to channel the net proceeds of the offer from the holding company to First City Monument Bank Limited. This move elevates the bank’s paid-up share capital and share premium to over ₦240 billion, exceeding the capital requirement for a national banking license.
Commenting on the milestone, Group Chief Executive, Ladi Balogun, expressed gratitude to shareholders and investors for their overwhelming support. “The success of this public offer underscores investor confidence in our strategy and growth prospects. It also reflects trust in our board, leadership, and people to deliver on our promises,” he stated.
Balogun also acknowledged the regulatory bodies, including the Central Bank, SEC, and NGX, for their guidance and support. He emphasized that the achievement is a pivotal step toward unlocking new opportunities, creating value for shareholders, and contributing to economic growth.
The next phases of FCMB Group’s capital-raising program are set for 2025, aiming to meet the capital requirements to retain an international banking license.
