FCMB Group successfully raised ₦147.5 billion via a public offer announced in December 2024, according to a statement signed by Mrs. Olufunmilayo Adedibu, the Company Secretary.
In the public offer approved by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), the Group attracted 42,800 investors with 92% (39,000) subscribing to the bank’s offering.
The lender issued 19,802,710,781 ordinary shares at ₦7.30 per share to bring post-offer issued shares to 39,605,421,562.
With regulatory approvals to transfer the net proceeds of the public offer to its banking subsidiary, FCMB Group has increased the paid-up share capital and share premium of First City Monument Bank Limited to over ₦240 billion.
Therefore, First City Monument Bank Limited has exceeded CBN’s ₦200 billion minimum requirement for a national banking license.
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 realize 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 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 CBN had given Nigerian banks until March 2025 to raise their capital base.
