FCMB Group Plc Completes Public Offer With 33% Oversubscription Rate  

FCMB Group Plc has successfully completed its public offer, raising an impressive ₦147.5 billion with a 33 percent oversubscription rate.

The offer attracted 42,800 investors, with 92 percent subscribing through digital channels such as the bank’s mobile app. This milestone also welcomed over 39,000 new investors into the Group, highlighting its strong appeal as a trusted financial institution.

The total amount raised and verified by regulatory authorities stands at ₦147,508,464,568.60, with ₦144,559,788,701.30 absorbed through the issuance of 19,802,710,781 ordinary shares at ₦7.30 per share. This development brings FCMB Group’s total post-offer issued shares to 39,605,421,562.

Following regulatory approvals, the proceeds from the offer have been down streamed to First City Monument Bank Limited, the Group’s banking subsidiary. This move raises the bank’s eligible capital base to over ₦240 billion, exceeding the minimum requirement for a national banking license set by the Central Bank of Nigeria (CBN) under its ongoing recapitalisation mandate.

The completion of this public offer marks a crucial step in FCMB Group’s strategic plan to secure its international banking license. Subsequent phases of its capital-raising program, which are already underway, aim to ensure the Group continues to meet regulatory requirements while advancing its vision of becoming a global financial services institution of African origin.

Commenting on the success of the offer, the Group Chief Executive, Mr. Ladi Balogun, expressed gratitude to both existing and new investors, highlighting their significant confidence in the Group’s strategy and growth potential. He also commended the Central Bank of Nigeria, the Securities and Exchange Commission, and the Nigerian Exchange Limited for their support and regulatory guidance throughout the process.

In his words, “The success of the public offer reflects significant investor confidence in our strategy and growth potential. This milestone reinforces our commitment to unlocking opportunities, creating value for our shareholders, and contributing to economic growth in Nigeria and Africa. We remain steadfast in delivering on our promises and advancing subsequent phases of our capital-raising program in 2025.”

The remarkable outcome of the public offer not only highlights investor trust in FCMB Group’s leadership but also reinforces the institution’s financial resilience and capacity for sustainable growth. With continued focus on innovation and value creation, FCMB Group remains poised to navigate the evolving financial landscape while driving long-term economic impact.