The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have given their approval for FCMB Group’s N147 billion rights offer. This is an important move in the bank’s plan to raise more capital.
The offer, priced at N7.30 per share, was oversubscribed by 33%, attracting 42,800 investors and raising N147.5 billion. More than 92% of the subscriptions were done online, and 39,000 new investors joined. Following the offer, FCMB’s total number of shares increased to 39.6 billion.
The proceeds raised from the rights issue will help increase the capital of First City Monument Bank. This will boost FCMB Group’s total capital to more than N240 billion, which is higher than the minimum amount needed to hold a national banking license.
Group Chief Executive Ladi Balogun praised investors for their confidence and thanked regulators for their support.
“This milestone reflects trust in our strategy and positions us for new opportunities and growth,” he stated.
At a special meeting, the shareholders agreed to a plan to raise an extra N340 billion by 2025. This fund will help strengthen the group’s activities and retain its international banking license.
