FCMB Group is set to raise N110.9 billion through a public offering of 15,197,289,219 ordinary shares, each valued at 50 kobo and priced at N7.30 per share. The offer, which began on Monday, July 29, 2024, is scheduled to close on September 4, 2024.
As a financial holding company with over 45 years of history, FCMB Group Plc provides banking and financial services to individuals and businesses through its diverse subsidiaries. Originating as an investment bank in 1977, the group has since expanded into four primary business areas, supported by seven main subsidiaries and two tertiary subsidiaries.
In its banking operations, the group’s subsidiaries include First City Monument Bank Limited, FCMB (UK) Limited, and FCMB Microfinance Bank Limited. Credit Direct Limited also forms part of its portfolio.
In investment banking, FCMB Capital Markets Limited and CSL Stockbrokers Limited play key roles. These services are complemented by FCMB Pensions Limited, FCMB Asset Management Limited, and FCMB Trustees Limited in the pensions and asset management sectors.
According to Futureview Securities, the funds from the public offering will be utilized to meet the Central Bank of Nigeria’s (CBN) updated capital requirements. “The equity raise aims to strengthen the paid-up capital of FCMB Limited in alignment with the CBN’s new minimum capital guidelines,” the firm stated.
Investors must purchase a minimum of 1,000 shares, with additional investments accepted in multiples of 1,000 shares.
