FCMB Group, a Lagos-based financial services holding company chaired by Nigerian banking executive Ladi Balogun, has successfully raised N147.5 billion ($95.2 million) through an oversubscribed public offer. This represents a 33% surplus over its initial target, reflecting strong investor confidence in the group’s strategic growth plans.
The public offer, approved by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), saw 19.8 billion new shares issued at N7.3 ($0.005) per share. Notably, 92% of the 42,800 investors participated via digital platforms, including FCMB’s mobile app, with over 39,000 new investors joining the group.
The proceeds will boost the capital of its flagship subsidiary, First City Monument Bank (FCMB Ltd.), increasing its paid-up capital and share premium to over N240 billion ($155 million). This ensures compliance with national banking license regulations and strengthens the group’s global standing.
The public offer marks the first phase of FCMB’s larger fundraising strategy, set to continue in 2025. These efforts are aimed at expanding the group’s footprint in Africa’s financial services sector and beyond.
Ladi Balogun, CEO of FCMB Group, expressed gratitude for the overwhelming response, stating, “We appreciate the strong support from both existing shareholders and new investors. This success underscores the trust in our growth strategy and the potential of FCMB Group.” He also acknowledged the pivotal role of regulatory bodies like the CBN, SEC, and Nigerian Exchange Limited (NGX) in achieving this milestone.
The group’s performance in 2024 has been robust, with a reported profit of N82.4 billion ($51.4 million) for the nine months ending September 30, reflecting a 68% year-on-year increase.
With a diversified portfolio spanning commercial and retail banking, investment banking, and asset and wealth management, FCMB Group continues to solidify its position as a leading financial institution in Africa, with ambitions for global recognition.
