FCMB Group Plc has listed 19.8 billion shares on the Nigerian Exchange Group (NGX) following a public offering that was 33% oversubscribed, indicating high investor confidence. The listing, which was finalised on January 30, was based on capital verification and approval by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
The public offering, priced at N7.30 per share, drew 42,800 investors and generated N147.5 billion. Notably, 92% of subscriptions were acquired through digital channels, bringing 39,000 new investors to the Group’s registry.
FCMB Group CEO Ladi Balogun highlighted the successful capital offering as a critical step in the company’s expansion strategy. The profits will increase the capital base of its banking affiliate, First City Monument Bank Ltd., to more than N240 billion, exceeding the national banking licence criteria. This positions the bank for future growth and supports its efforts to preserve its international banking licence.
The listing brings the FCMB Group’s total issued shares to 39.6 billion. The company is now in stages two and three of its capital raising program, indicating its commitment to fulfilling international capital norms. The move is consistent with FCMB Group’s ambition to become a major global financial services provider of African origin.
