FCMB Group Plc, a leading financial services group, said it has successfully completed its public offer following the approvals of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

FCMB Group said the offer was oversubscribed by 33 per cent, attracting 42,800 investors with 92 per cent subscribing via more convenient digital channels such as the bank’s mobile app and ushering in over 39,000 new investors.

It said the total amount raised and verified by the regulatory authorities was N147,508,464,568.60 and N144,559,788,701.30 was absorbed through the issuance of 19,802,710,781 ordinary shares at N7.30 per share, bringing total post-offer issued shares to 39,605,421,562 shares.

FCMB Group said regulatory approvals have also been received to downstream the net proceeds of the public offer from the holding company to the banking subsidiary. This raises the paid-up share capital and share premium, being the eligible capital base as per CBN’s recapitalization criteria, of the banking subsidiary, First City Monument Bank Limited, to over N240 billion, which exceeds the minimum requirement for a national banking licence.

Subsequent phases (2 & 3) of FCMB Group’s capital programme, which are currently underway, are aimed at ensuring First City Monument Bank Limited meets the minimum capital requirement to retain its international banking licence in line with its vision to be a global financial services group of African origin, renowned for leadership in its chosen markets.

“We are grateful to our existing shareholders and new investors for coming out strongly to support this offer,” said the FCMB Group Chief Executive, Ladi Balogun.

He said the success of the public offer was a reflection of significant investor confidence in the FCMB Group’s strategy and growth potential, as well as trust in its board, leadership and people to fulfill their commitments and realize that potential.

“We also extend our profound appreciation to the Central Bank of Nigeria, the Securities and Exchange Commission and the Nigerian Exchange Limited (NGX) for their continued foresight, innovation, guidance and support which has been instrumental in achieving this significant milestone,” Balogun said.

“This marks an important step forward in our journey to unlock new opportunities, create value for our shareholders, and contribute to the economic growth of Nigeria and Africa. We remain committed to executing the subsequent phases of our capital-raising program in 2025,” he said.