First City Monument Bank (FCMB) Group has listed 19.8 billion shares on the Nigerian Exchange Group (NGX) following a public offer that was oversubscribed by 33%, reflecting strong investor confidence.
Thank you for reading this post, don't forget to subscribe!The listing, finalized on January 30 after regulatory approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), saw the public offer priced at N7.30 per share, attracting 42,800 investors and generating N147.5 billion. Notably, 92% of subscriptions were processed through digital channels, bringing in 39,000 new investors.
Ladi Balogun, CEO of FCMB Group, described the capital raise as a strategic milestone in the company’s growth plans. The proceeds will boost the capital base of its banking subsidiary, First City Monument Bank Ltd., to over N240 billion, surpassing national banking license requirements and reinforcing the bank’s international banking ambitions.
With this listing, FCMB Group’s total issued shares now stand at 39.6 billion. The company is progressing through the second and third phases of its capital-raising program, underscoring its commitment to aligning with international capital standards and positioning itself as a leading global financial services provider of African origin.
The successful offer highlights investor appetite for Nigerian financial institutions and aligns with Nigeria’s broader economic goals, including its vision of a $1 trillion economy.
The oversubscription and strong retail investor participation further reinforce positive sentiment toward the country’s financial sector.
