FCMB Group Plc (NGX: FCMB) has announced a proposal for an equity capital raise. The financial services Group notified NGX Regulation Limited and the investing community on Friday, that the Board of Directors of the company, acting pursuant to the approval granted by the shareholders at the Extraordinary General Meeting held on December 19, 2024, has resolved to undertake an Offer for Subscription.
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The Offer is being undertaken in furtherance of the Company’s strategy to strengthen its capital base in anticipation of its focused regional and international expansion plans. The proceeds of the Offer will be remitted as equity into First City Monument Bank Limited.
In the notification signed by Olufunmilayo Adedibu, Company Secretary, FCMB stated that the Board is keen to commence the Offer based on a live market price while ensuring that the Offer price reflects an appropriate discount. Details of the Offer will be disclosed upon the receipt of the Securities and Exchange Commission’s (“SEC”) approval.
A total of was ₦147.50 billion was raised by FCMB Group Plc in 2024 with ₦144.55 billion being absorbed through the issuance of 19,802,710,781 ordinary shares at ₦7.30 per share in a public offer.
Punch reported that FCMB said it obtained regulatory approvals to use the net proceeds of the public offer to strengthen the capital base of its banking subsidiary, First City Monument Bank.
About the Company
FCMB Group Plc was incorporated in Nigeria as a financial holding company on November 20, 2012, under the Companies and Allied Matters Act, in response to the CBN’s Regulation on the Scope of Banking Activities and Ancillary Matters (Regulation 3).
The principal activity of FCMB Group Plc is to carry on business as a financial holding company, investing in and holding controlling shares in, as well as managing equity investments in Central Bank of Nigeria approved financial entities. The Company has seven direct subsidiaries,
- First City Monument Bank Limited (100%),
- FCMB Capital Markets Limited (100%),
- CSL Stockbrokers Limited (100%),
- FCMB Trustees Limited (formerly CSL Trustees Limited) (100%),
- FCMB Microfinance Bank Limited (100%),
- FCMB Pensions Limited (91.71%) and
- Credit Direct Finance Company Limited (100%).
FCMB Group Plc is a company domiciled in Nigeria. The address of the Company’s registered office is 44 Marina, Lagos.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
