The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have approved FCMB Group’s ₦147 billion rights issue, which has been oversubscribed by 33%.
In a statement released to the Nigerian Exchange Limited (NGX) and signed by FCMB’s Company Secretary, Olufunmilayo Adedibu, it was revealed that the offer attracted 42,800 investors, with 92% of subscriptions processed through convenient digital channels, including the bank’s mobile app. This resulted in over 39,000 new investors joining the FCMB Group.
With the successful capital raise, FCMB Group’s new capital base now exceeds ₦240 billion, surpassing the minimum requirement for a national banking license. The group is focused on maintaining its international banking license, which it intends to achieve through the next phases of its capital program.
Mr. Ladi Balogun, Group Chief Executive of FCMB, expressed gratitude to the bank’s existing shareholders and new investors for their strong support. He stated, “The success of this public offer reflects significant investor confidence in our strategy, growth potential, and the trust placed in our leadership and people.”
He also extended appreciation to the CBN, SEC, and NGX for their guidance and support, which were instrumental in the offer’s success. “This marks an important step forward in our journey to unlock new opportunities, create value for our shareholders, and contribute to the economic growth of Nigeria and Africa,” he added.
FCMB Group has committed to executing subsequent phases of its capital-raising program in 2025, aiming to further strengthen its position and contribute to economic development.
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