FCMB Group Plc Achieves Landmark ₦147.5 Billion Public Offer with 33% Oversubscription

FCMB Group Plc (“FCMB Group” or the “Group”), one of Nigeria’s foremost financial services providers, has announced the successful completion of its highly anticipated public offer. The landmark achievement followed approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC). The offer was met with overwhelming investor enthusiasm, oversubscribed by 33%, and raised a verified total of ₦147,508,464,568.60.

The initiative attracted 42,800 investors, with a notable 92% opting to subscribe through digital platforms such as the FCMB mobile app. This digital adoption also brought 39,000 new investors into the FCMB fold, underscoring the Group’s appeal and the growing trust in its strategic direction.

Through the issuance of 19,802,710,781 ordinary shares at ₦7.30 per share, the public offer increased the total issued shares to 39,605,421,562. The raised funds have been earmarked for bolstering the paid-up share capital and share premium of First City Monument Bank Limited, the Group’s banking subsidiary. With regulatory approval, this enhancement propels the subsidiary’s eligible capital base to over ₦240 billion—surpassing the CBN’s requirement for a national banking license.

The FCMB Group’s broader capital program, which includes subsequent phases set for 2025, aims to ensure the subsidiary retains its international banking license. This is part of the Group’s vision to evolve into a globally respected financial services powerhouse with deep African roots.

The offer attracted 42,800 investors, with 92% subscribing through digital channels like the bank’s mobile app, bringing over 39,000 new investors to FCMB Group.

The funds will be directed to First City Monument Bank Limited, the Group’s banking subsidiary, increasing its paid-up share capital and share premium to over ₦240 billion. This exceeds the Central Bank of Nigeria’s minimum requirement for a national banking license.

Mr Balogun expressed gratitude to shareholders and new investors, stating that the success reflects significant confidence in FCMB’s strategy and growth potential. He also acknowledged the support of regulatory bodies like the Central Bank of Nigeria, the Securities and Exchange Commission, and the Nigerian Exchange Limited in achieving this milestone.

Reflecting on the achievement, Mr. Ladi Balogun, Group Chief Executive of FCMB Group, expressed profound gratitude:
“We deeply appreciate the confidence shown by our existing shareholders and the new investors who participated in this offer. The overwhelming response underscores trust in our strategy, leadership, and commitment to delivering value. This milestone paves the way for unlocking new opportunities and significantly contributing to Nigeria’s and Africa’s economic growth. We remain resolute in executing the subsequent phases of our capital-raising program to achieve our long-term objectives.”

Mr. Balogun also lauded the pivotal roles of the Central Bank of Nigeria, the SEC, and the Nigerian Exchange Limited (NGX) in providing guidance and support throughout the process.

This achievement marks the first phase of FCMB Group’s capital-raising program, with subsequent phases planned for 2025 to further strengthen its position in the financial services sector.

As FCMB Group looks ahead to 2025, this remarkable milestone not only fortifies its capital base but also highlights its enduring commitment to innovation, investor confidence, and economic advancement.