First City Monument Bank (FCMB) Group has disclosed that it raised ₦147.5 billion through its last public offer, which was oversubscribed by 33% oversubscribed, indicating strong investor demand.
According to the company, the funds raised will enable its Nigerian banking subsidiary, FCMB Ltd., to shore up its capital base to over ₦240 billion, exceeding the capital requirement for national banks.
Per The Cable, at a share price of ₦7.30, FCMB Group's public offer recorded a total of 42,800 investors, including 39,000 new investors who participated through digital channels.
Following the success of the offer, the Group listed 19.8 billion shares on the Nigerian Exchange Group (NGX) after securing capital verification and approval from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
The listing, which was made on January 30, raises the Group’s total issued shares to 39.6 billion.
The company has also launched phases two and three of its capital raising exercise, demonstrating its commitment to meeting international capital standards in line with its vision to become a leading global financial institution.
In a press statement, FCMB Group CEO Ladi Balogun stated that the successful capital raise signifies a major milestone in the company’s overall growth strategy.
This development comes days after Zenith Bank announced that it secured ₦350.4 billion in a hybrid offer including an ordinary share offer and rights issue.
The bank further disclosed that its public offer was oversubscribed by 60.4% while the rights issue was 100.18% subscribed with a total of 5.2 billion ordinary shares allotted.
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As a result, the bank elevated its share capital to ₦614.6 billion, surpassing the regulatory minimum requirement by ₦114.6 billion ahead of the May 2026 deadline.
The CBN’s decision in May 2024 to overhaul the minimum capital requirement for bank licensing has triggered a rush among banks to shore up their equity base through public and stakeholder offers.
Although experts believe that some banks may not survive the policy change, the strong participation of retail investors in the offers listed by these notable financial institutions is an indicator of positive investor sentiment towards Nigeria’s financial sector.