FCMB Group Lists 19.8 billion Shares on NGX Following Oversubscribed Public Offer

By Paul Onehi
FCMB Group Plc has successfully listed 19.8 billion shares on the Nigerian Exchange Group (NGX), following a highly successful public offer that was oversubscribed by 33%. This listing, finalized on January 30, underscores the strong confidence of investors in the group.

The public offer, priced at N7.30 per share, attracted 42,800 investors and raised N147.5 billion. Notably, 92% of subscriptions came through digital channels, adding 39,000 new investors to the Group’s registry.

FCMB Group CEO, Ladi Balogun, noted that the successful capital raise is a key component of the company’s strategic growth plan. With the proceeds, First City Monument Bank Ltd.’s capital base will increase to over N240 billion, exceeding national regulatory requirements and enabling the bank to pursue further expansion while 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 programme, demonstrating its commitment to meeting international capital standards. The move aligns with FCMB Group’s vision to become a leading global financial services player of African origin.