By Ayomide Otitoju
FCMB Group Plc has announced plans to raise equity capital as part of efforts to strengthen its financial base and support its regional and international growth strategy.
In a notice filed with the Nigerian Exchange and communicated to stakeholders, the company disclosed that its Board of Directors, acting on shareholders’ approval at an Extraordinary General Meeting (EGM) held on December 19, 2024, has resolved to undertake an Offer for Subscription.
“FCMB Group Plc hereby notifies NGX Regulation Limited, our esteemed stakeholders, and the investor community that the Board of Directors of FCMB, acting pursuant to the approval granted by the shareholders at the Extraordinary General Meeting held on December 19, 2024, has resolved to undertake an Offer for Subscription. The offer is being undertaken in furtherance of the company’s strategy to strengthen its capital base in anticipation of its focused regional and international expansion plans. The proceeds of the offer will be remitted as equity into First City Monument Bank Limited,” the statement read in part.
The board added that the offer would be priced in line with the prevailing market value, with an appropriate discount to attract investors. Final details, including pricing and subscription terms, will be announced upon approval by the Securities and Exchange Commission (SEC).
The move underscores FCMB’s broader strategy to consolidate its capital position and scale up operations across Africa and other international markets.
