The Nigerian Exchange (NGX) on Tuesday, September 23, 2025, announced the listing of 3,166,284,712 ordinary shares of FCMB Group Plc, arising from the conversion of a ₦23.11 billion Mandatory Convertible Loan (inclusive of accrued interest) to equity at a conversion price of ₦7.30 per share.
Details of the Listing
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Additional shares listed: 3,166,284,712 ordinary shares of 50 kobo each.
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Conversion price: ₦7.30 per share.
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Loan converted: ₦23,113,878,388.75 (inclusive of accrued interest).
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Date of listing: September 23, 2025.
With this development, the company’s issued and fully paid-up shares increased from 39,605,421,562 units to 42,771,706,274 units.
The conversion strengthens FCMB’s equity base and reduces its debt obligations, aligning with the Central Bank of Nigeria’s capital adequacy requirements for deposit money banks.
It also positions the lender for enhanced balance sheet flexibility and potential expansion in its retail and digital banking segments.
The additional listing significantly increases FCMB’s free float, which could improve liquidity and price discovery in the stock. However, depending on investor sentiment, the dilution effect may weigh on the share price in the near term.
The capital restructuring demonstrates FCMB’s strategic move to optimise its funding structure. Investors will be watching closely to see how the bank leverages the new capital to boost lending capacity, digital innovation, and shareholder returns.
