FCMB Group Plc has announced plans to seek shareholder approval to increase its share capital, marking another major step in its ongoing capital-raising programme. The bank holding company disclosed this in a Notice of Extraordinary General Meeting filed with the Nigerian Exchange Limited on Friday, signalling its push to strengthen its financial position ahead of regulatory and market demands.
The group is currently conducting a ₦160bn public offer aimed at deepening its capital base. According to the EGM notice, the primary agenda for the virtual meeting scheduled for December 8, 2025, is a resolution seeking authorization to raise the company’s capital limit from ₦340bn to ₦370bn, or the equivalent in any other currency deemed appropriate by the Board of Directors.
FCMB explained that the additional capital would be raised through a mix of instruments, including ordinary and preference shares, convertible and non-convertible notes, loans, bonds, and other securities. These offerings may be executed through public offerings, rights issues, private placements, or other approved channels in both local and international markets, reflecting the company’s flexible approach to meeting its funding needs.
Shareholders will also decide on whether the company should accept oversubscriptions from its ongoing 2025 public offer. If approved, FCMB will be authorized to issue additional shares within limits set by the Securities and Exchange Commission, pending all necessary regulatory approvals. The proposal also includes increasing the firm’s issued share capital from ₦30bn by creating additional ordinary shares required to implement the capital raise.
Another resolution seeks to empower the Board to finalize the specific number of new ordinary shares to be issued and to allot them to investors once the capital-raising exercise concludes. According to the notice, all newly issued shares will have equal rights with existing ordinary shares. Should shareholders approve the amendments, Clause 6 of the company’s Memorandum of Association will be updated to reflect the revised share structure.
source: punch