FCMB Group Lists 19.8 Billion Shares on NGX Following Oversubscribed Public Offer.

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FCMB Group Plc has successfully listed 19.8 billion shares on the Nigerian Exchange Group (NGX), following a public offer that was oversubscribed by 33%. This development underscores strong investor confidence in the group.

The listing, which was completed on January 30, was preceded by the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) capital verification and approval. The public offer, priced at N7.30 per share, attracted an impressive 42,800 investors and raised a total of N147.5 billion.

Notably, 92% of the subscriptions were made through digital channels, adding 39,000 new investors to the group’s registry. This significant milestone reflects the growing adoption of digital channels in the Nigerian capital market.

FCMB Group CEO, Ladi Balogun, expressed his delight at the successful capital raise, describing it as a key step in the company’s growth strategy. “The proceeds from this offer will bolster the capital base of our banking subsidiary, First City Monument Bank Ltd., to over N240 billion, exceeding the requirements for a national banking license,” he said.

This development positions the bank for continued expansion and supports its pursuit of maintaining its international banking license. The listing increases FCMB Group’s total issued shares to 39.6 billion.

The company is currently in phases two and three of its capital raising program, demonstrating its commitment to meeting international capital standards. This move aligns with FCMB Group’s vision to become a leading global financial services player of African origin.

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