FCMB Group Lists 19.8 Billion Shares on NGX Following Oversubscribed Public Offer

FCMB Group Plc has successfully listed 19.8 billion shares on the Nigerian Exchange Group (NGX) after a highly subscribed public offer. The offer, which was oversubscribed by 33%, reflects strong investor confidence in the company. The listing was completed on January 30 after receiving approval from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

The public offer, priced at N7.30 per share, attracted 42,800 investors and raised N147.5 billion. A significant portion of the subscriptions—92%—came through digital channels, adding 39,000 new investors to FCMB Group’s shareholder base. This highlights the increasing role of digital technology in Nigeria’s capital market.

Ladi Balogun, CEO of FCMB Group, emphasized that the capital raise is a crucial step in the company’s growth strategy. The proceeds will boost the capital base of First City Monument Bank Ltd. to over N240 billion, surpassing the minimum capital requirement for a national banking license. This strengthens the bank’s financial position and supports its long-term goal of maintaining an international banking license.

With the listing, FCMB Group’s total issued shares have doubled to 39.6 billion, reinforcing its financial stability. The company remains committed to its ongoing capital-raising programme, currently in its second and third phases, aimed at meeting international capital standards. The move aligns with FCMB Group’s ambition to become a leading global financial services provider of African origin.

This development not only reflects investor confidence but also marks a strategic step toward the bank’s expansion plans. The success of the public offer positions FCMB Group for enhanced growth in Nigeria’s financial sector, while also reinforcing its ability to compete globally.

Source: Vanguard