First City Monument Bank (FCMB) Group has announced a successful public offer, raising ₦147.5 billion, which was oversubscribed by 33%. This development demonstrates strong investor demand and confidence in the financial institution.
The funds raised will enable FCMB Ltd., the Group’s Nigerian banking subsidiary, to bolster its capital base to over ₦240 billion, exceeding the capital requirement for national banks.
At a share price of ₦7.30, the public offer attracted 42,800 investors, including 39,000 new investors who participated through digital channels.
Following the offer’s success, FCMB Group listed 19.8 billion shares on the Nigerian Exchange Group (NGX) after securing necessary approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC). This listing raises the Group’s total issued shares to 39.6 billion.
FCMB Group CEO Ladi Balogun described the successful capital raise as a significant milestone in the company’s growth strategy.
The Group has also launched phases two and three of its capital raising exercise, demonstrating its commitment to meeting international capital standards.
This development comes on the heels of Zenith Bank’s announcement of securing ₦350.4 billion in a hybrid offer, which was also oversubscribed.
The CBN’s decision to overhaul the minimum capital requirement for bank licensing has triggered a rush among banks to shore up their equity base through public and stakeholder offers.
