FCMB Group Plc has initiated a public offering to raise N110.9 billion, a move that has garnered the support of the Nigerian Exchange Limited (NGX). The offering, which started on July 29 and will conclude on September 4, involves the sale of 15.197 billion shares at N7.30 each.
This capital raise is designed to strengthen FCMB’s operational capacity and drive its growth initiatives
. Despite challenging economic conditions, FCMB has maintained strong financial performance, evidenced by a 192.6% increase in profit before tax to N31.3 billion in the first quarter of 2024.
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Ladi Balogun, the Group Chief Executive of FCMB, emphasized the bank’s consistent performance in terms of revenue growth and profitability. NGX’s Group Chief Executive Officer, Temi Popoola, commended FCMB’s efforts, highlighting how the bank’s digital innovations around the public offer align with NGX’s digital transformation goals. Popoola also noted that FCMB’s strong portfolio and innovative strategies have enabled it to successfully navigate economic challenges while focusing on sustainable growth.
Jude Chiemeka, the CEO of NGX, echoed these sentiments, expressing optimism about the success of the capital raise and praising FCMB’s strategic use of digital banking to enhance shareholder value.
FCMB’s growth has been driven by several key areas, with investment banking leading at 228.1% growth, followed by consumer finance, banking, and investment management, which grew by 165.4%, 157.2%, and 74.3%, respectively.
