Yemisi Izuora
FCMB Group has commenced a N110 billion public offer to bolster its capital base.
The move represents the first phase to meet the Central Bank of Nigeria’s (CBN) regulatory requirements for international banks.
The offer, which involves issuing 15,197,282,219 ordinary shares at N7.30 kobo each, was officially launched at the Nigerian Exchange Limited (NGX) on Tuesday, July 30, 2024.
Ladi Balogun, Group Chief Executive Officer of FCMB, outlined the bank’s capital-raising strategy, emphasising a phased approach. The initial phase, targeting N150 billion through public and private placements, is expected to conclude by in 2024.
The bank ultimately seeks to raise N397 billion to maintain its international license.
The proceeds from the public offer will be allocated to strategic areas, including human capital development, business expansion, lending to key sectors (agriculture, SMEs, and non-oil exports), technological advancements, and enhanced cybersecurity.
These investments are expected to drive growth, improve efficiency, and strengthen FCMB’s market position.
Jude Chiemeka, CEO of the Nigerian Exchange Limited, expressed optimism about FCMB’s capital-raising endeavour, highlighting the exchange’s commitment to facilitating a smooth process.
Where to Buy FCMB Group Plc Public Offer Shares:
.Website: www.fcmbgroup.com
.FCMB Mobile App (FCMB Customers)
.FCMB Online – Internet Banking (RIB/BBG), (FCMB Customers)
.NGX Website: https://ngxgroup.com
.FCMB Branches
.CSL Stockbrokers (01-2713920 – 4) and all reputable stockbroking firms in Nigeria4
The FCMB Group comprises First City Monument Bank Limited, Credit Direct Limited, CSL Stockbrokers Limited, FCMB (UK) Limited, FCMB Pensions Limited, FCMB Asset Management Limited, FCMB Trustees Limited, FCMB Capital Markets Limited, and FCMB Microfinance Bank Limited.