FCMB Group to lift fairness capital for growth drive 

First Metropolis Monument Bank Group Plc (FCMB) has introduced plans to lift recent fairness capital via an Provide for Subscription, following shareholder approval at its Extraordinary Common Assembly (EGM) held on December 19, 2024.

In an announcement launched to the Nigerian Change (NGX), the corporate mentioned the transfer is a part of its technique to strengthen its capital base in anticipation of each regional and worldwide growth.

Proceeds from the fairness increase can be injected as further capital into its flagship subsidiary, First Metropolis Monument Bank Restricted.

The board disclosed that the pricing of the provide can be based mostly on the prevailing market value, with a reduction construction to make the provide engaging to traders.

Nevertheless, full particulars—together with the dimensions, construction, and timeline of the capital increase can be made public as soon as regulatory approval is secured from the Securities and Change Fee (SEC).

Backstory 

On December 30, 2024, FCMB introduced the profitable completion of its landmark public provide, elevating N147.5 billion with a 33% oversubscription.

In keeping with the corporate, a complete of N147,508,464,568.60 was raised and verified by regulators, whereas N144,559,788,701.30 was absorbed via the issuance of 19.8 billion atypical shares at N7.30 per share. This introduced the corporate’s post-offer issued shares to 39.6 billion.

Regulatory approvals have been additionally acquired to downstream the web proceeds from the holding firm to the banking subsidiary, boosting First Metropolis Monument Bank’s paid-up share capital and share premium—acknowledged as eligible capital below the Central Bank of Nigeria’s (CBN) recapitalization framework—to greater than N240 billion. This exceeded the minimal requirement for a nationwide banking license.

The Group famous that subsequent phases (2 and three) of its capital program are already underway to make sure First Metropolis Monument Bank Restricted meets the upper minimal capital requirement wanted to retain its worldwide banking license. This aligns with FCMB’s long-term imaginative and prescient to change into a worldwide monetary companies group of African origin, famend for management in its chosen markets.