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Central Bank of Nigeria (CBN), SEC approve FCMB Group’s rights offer

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NIGERIANS ARE HAPPY WITH TINUBU| JUST A YEAR PLUS IN OFFICE, TINUBU HAS DONE WHAT NO OTHER PRESIDENT HAS NEVER DONE BEFORE IN OFFICE. SEE FULL LIST OF HIS ACHIEVEMENTS HERE.AS most banks gear up to meet banking recapitalisation targets, the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have approved FCMB Group’s N147 billion rights offer. ...Tap To Read The Full Story Here | ..Tap To Read The Full Story Here...

This was disclosed in a statement signed by the company’s secretary, Olufunmilayo Adedibu, on Monday, December 30.

According to the statement, 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 to the FCMB Group.

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

FCMB said that it also obtained regulatory approvals to use the net proceeds of the public offer to strengthen the capital base of its banking subsidiary – First City Monument Bank.

With the new fund injection, FCMB’s new capital base stands at over N240 billion, which exceeds the minimum requirement for a national banking license.

The firm said it was aiming to retain its international banking licence and would be able to achieve that target with the subsequent phases of the FCMB Group’s capital programme.

Commenting on the successful completion of the public offer, the group’s chief executive officer, Ladi Balogun, said, “We are grateful to our existing shareholders and new investors for coming out strongly to support this offer. The success of the public offer reflects significant investor confidence in our strategy and growth potential as well as trust in the board, leadership, and our people to fulfil our commitments and realise this potential.

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

“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 programme in 2025.”

At the group’s recent extraordinary general meeting, shareholders approved plans to raise N340 billion as additional capital.

The ICIR reported that as the Nigerian banking sector gears up for recapitalisation, the CBN released the list of licensed deposit money banks (DMB) operating in the country.

The list was made public on the CBN’s official website on Tuesday, May 8, to provide insights into the country’s banking landscape.NIGERIANS ARE HAPPY WITH TINUBU| JUST A YEAR PLUS IN OFFICE, TINUBU HAS DONE WHAT NO OTHER PRESIDENT HAS NEVER DONE BEFORE IN OFFICE. SEE FULL LIST OF HIS ACHIEVEMENTS HERE.

According to the CBN, banks with international authorisation include Access Bank Limited, Fidelity Bank Plc, First City Monument Bank Limited, First Bank Nigeria Limited, Guaranty Trust Bank Limited, United Bank of Africa Plc, and Zenith Bank Plc...Tap To Read The Full Story Here.

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