• Bank’s Eligible Capital Now Over ₦240bn

FCMB Group Plc, parent company of First City Monument Bank Limited, on Monday announced the successful completion of its public offer, recording an oversubscription level of 33%, an indication of a strong investor confidence in the brand and its services.

According to a notification by Olufunmilayo Adedibu (Mrs.), the Company Secretary, the offer which it said has been approved by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC Nigeria), attracted 42,800 investors, 92% of who subscribed via more convenient digital channels such as the bank’s mobile app.

Of this number, it said over 39,000 are new investors to the FCMB Group, with the total amount raised and verified by the regulators amounting to ₦147,508,464,568.60.

A total of ₦144,559,788,701.30 was, however, absorbed through the issuance of 19,802,710,781 ordinary shares at ₦7.30 per share, bringing total post-offer issued shares of the group to 39,605,421,562 units.

According to Adedibu, “regulatory approvals have also been received to downstream the net proceeds of the public offer from the holding company to the banking subsidiary. This raises the paid-up share capital and share premium, being the eligible capital base as per CBN’s recapitalization criteria, of the banking subsidiary, First City Monument Bank Limited, to over ₦240bn, which exceeds the minimum requirement for a national banking license.”

Phases two and three of the group’s capital programme, which are currently underway, the notice added, “are aimed at ensuring First City Monument Bank Limited meets the minimum capital requirement to retain its international banking license in line with its vision to be a global financial services group of African origin, renowned for leadership in its chosen markets.”

Commenting on the development, the Group Chief Executive, Ladi Balogun, expressed gratitude “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 realize this potential.

“We also extend our profound appreciation to the Central Bank of Nigeria, the Securities and Exchange Commission and the Nigerian Exchange Limited (NGX) for their continued foresight, innovation, guidance and support which has been instrumental in achieving this significant milestone,” he added.

This, he continued, “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 program in 2025.”