By Abubakar Yunusa
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%, highlighting strong investor confidence in the financial institution.
The listing, completed on 30 January, came after the required approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
The offer, priced at ₦7.30 per share, raised ₦147.5 billion from 42,800 investors. Significantly, 92% of subscriptions were made through digital channels, bringing 39,000 new investors into the Group’s registry.
FCMB Group’s Chief Executive Officer, Ladi Balogun, described the capital raise as a major milestone in the company’s growth strategy.
The funds will strengthen the capital base of its banking subsidiary, First City Monument Bank Ltd., pushing it above ₦240 billion—exceeding the national banking license requirement. This move supports the bank’s ambition to maintain its international banking license and expand its operations.
With this latest listing, FCMB Group’s total issued shares have now doubled to 39.6 billion.
The company is currently progressing through the second and third phases of its capital-raising programme, reinforcing its commitment to meeting international capital standards.
The development comes at a time when Nigeria is pushing to grow its economy to $1 trillion, and the oversubscription of the offer signals strong investor appetite for Nigerian financial institutions.
FCMB’s focus on inclusive growth and sustainable development has positioned it as an attractive option for long-term investors seeking opportunities in the Nigerian market.
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