Fcmb Group Secures 95.2 Million In Over Subscribed Public Offer

FCMB Group, a Lagos-based financial services holding company led by Nigerian banking executive Ladi Balogun, has successfully completed an oversubscribed public offer, raising N147.5 billion 95.2 million. The offering exceeded its target by 33 percent, reflecting strong investor confidence in the groups growth strategy.

The public offer , approved by Nigerias Central Bank CBN and the Securities and Exchange Commission SEC, attracted 42,800 investors, with 92 percent subscribing via digital platforms, including FCMBs mobile app.

The bank issued 19.8 billion new shares, priced at N7.3 0.005 each, bringing in over 39,000 new investorsdemonstrating rising interest in FCMB and its future prospects.

The proceeds from the offering will strengthen FCMBs flagship subsidiary, First City Monument Bank FCMB Ltd., increasing its paid-up capital and share premium to over N240 billion 155 million. This not only meets regulatory requirements for a national banking license but also fortifies the groups international banking status, reinforcing its strategic growth trajectory.

This successful capital raise marks the first phase of FCMB Groups broader fundraising strategy , which has already received approval from the CBN. Additional initiatives are planned for 2025, designed to bolster the groups global presence and further entrench its leadership within Africas financial services sector.