FCMB lists 19.8bn shares on NGX after oversubscribed public offer

First City Monument Bank (FCMB) Group has disclosed that its company listed 19.8 billion shares on the Nigerian Exchange Group (NGX) after a public offer that was 33% oversubscribed, signalling strong investor confidence.

The listing, completed on January 30, follows the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) capital verification and approval.

According to the company, the public offer, priced at N7.30 per share, attracted 42,800 investors and raised N147.5 billion. Notably, 92% of subscriptions came through digital channels, adding 39,000 new investors to the Group’s registry.

Ladi Balogun, FCMB Group CEO described the successful capital raise as a key step in the company’s growth strategy.

The proceeds will bolster the capital base of its banking subsidiary, First City Monument Bank Ltd., to over N240 billion, exceeding national banking license requirements, positioning the bank for continued expansion and supporting its pursuit of maintaining its international banking license.

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The listing increases FCMB Group’s total issued shares to 39.6 billion. The company is currently in phases two and three of its capital raising programme, demonstrating its commitment to meeting international capital standards. The move aligns with FCMB Group’s vision to become a leading global financial services player of African origin.

The successful offering and subsequent listing underscore investor appetite for Nigerian financial institutions and contribute to Nigeria’s broader economic goals, including its pursuit of a $1 trillion economy.

FCMB Group’s commitment to inclusive growth and sustainable development makes it a compelling prospect for impact-driven and long-term investors seeking exposure to the Nigerian market. The oversubscription and the significant participation of retail investors are indicators of positive investor sentiment.