Olufemi Adeyemi 

FCMB Group Plc has expressed its gratitude to essential financial regulators and the Nigerian Exchange Group (NGX Group) for their support in successfully completing the initial phase of its capitalisation programme.

The Group issued a total of 15,197,282,219 ordinary shares, each valued at 50 kobo, at a price of N7.30 per share.

In a statement from Mr. Ladi Balogun, the Group Chief Executive Officer of FCMB Group Plc, appreciation was extended to the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and NGX Group for their pivotal contributions in facilitating this capital raise.

Balogun acknowledged the CBN for its forward-thinking leadership and commended the SEC for its role in enhancing market confidence and providing essential guidance during challenging times. He also recognized NGX Group and the NGX Invest platform for their significant contributions, which enabled 40,000 investors to participate in the public offer through digital means.

He highlighted that the capital raised will strengthen FCMB’s balance sheet, improve customer banking experiences, support community initiatives, and create value for shareholders. He emphasized that this effort will play a vital role in economic transformation, nation-building, and reshaping the narrative of Africa.

Balogun conveyed his optimism regarding the future of FCMB Group, viewing the successful capital raise as a crucial step towards promoting shared prosperity and building a better future for generations to come.

Following the launch of NGX Invest, Temi Popoola, Group Managing Director and Chief Executive Officer of NGX Group, underscored the platform's importance in facilitating successful capital raising efforts.

“With the backing of regulators and stakeholders, we have established a fully digitized market infrastructure for the distribution of financial products, including public offers and rights issues,” Popoola stated. “Our goal is to digitize these transactions to enhance financial inclusion and engage retail investors more effectively.”

The achievement of this capital raise, characterized by a significant increase in digital subscriptions, highlights the critical role of regulatory backing and technological advancements in the transforming financial environment of Nigeria.