BRAND REPORTBUSINESS
FCMB public offer oversubscribed, N147.5bn raised
The amount exceeded the minimum requirement for a national banking license.
The FCMB Group Plc has announced the successful completion of its public offer, following approvals by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
The FCMB Group Plc has announced the successful completion of its public offer, following approvals by the Central Bank of Nigeria (CBN) and the Mr Ladi Balogun, the group’s Chief Executive, in a notification sent to the Nigerian Exchange Ltd. (NGX), on Monday said the offer was oversubscribed by 33 per cent.
Balogun stated that the offer attracted 42,800 investors, with 92 per cent subscribing via more convenient digital channels such as the bank’s mobile application and ushering in over 39,000 new investors to the FCMB group.
He disclosed that the total amount raised and verified by the regulatory authorities was N147.51 billion and N144.56 billion was absorbed.
According to him, this is done through the issuance of 19.803 billion ordinary shares at N7.30 per share, bringing total post-offer issued shares to 39.605 billion shares.
Balogun said regulatory approvals had also been received to downstream the net proceeds of the public offer from the holding company to the banking subsidiary.
This, he said, raised the paid-up share capital and share premium, being the eligible capital base as per CBN’s recapitalisation criteria, of the banking subsidiary, First City Monument Bank Ltd., to over N240 billion.
This amount, Balogun said, exceeded the minimum requirement for a national banking license.
The group’s boss said subsequent phases two and three of the FCMB group’s capital programme, which are underway, are aimed at ensuring First City Monument Bank meets the minimum capital requirement to retain its international banking license.
Balogun stressed that this was in line with its vision to be a global financial services group of African origin, renowned for leadership in its chosen markets.
“We are grateful to our existing shareholders and new investors for coming out strongly to support this offer.
“The success of the public offer reflects significant investor confidence in our strategy and growth potential, as well as trust in the board, leadership and our people to fulfill our commitments and realise this potential.
“We also extend our profound appreciation to the CBN, SEC and the NGX for their continued foresight, innovation, guidance and support, which has been instrumental in achieving this significant milestone.
“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.
“We remain committed to executing the subsequent phases of our capital-raising programme in 2025,” the group chief executive said.
