The Nigerian Exchange Limited (NGX) has expressed strong support for FCMB Group Plc’s plan to raise N110.9 billion through a public offering. The offering, which began on July 29 and will run until September 4, involves 15.197 billion shares priced at N7.30 per share.
In a statement released on Thursday, FCMB Group revealed that the capital raise aims to strengthen the group’s operational capacity and support its growth initiatives. Ladi Balogun, FCMB Group’s Chief Executive, highlighted that despite challenging economic conditions, the bank has continued to demonstrate strong performance, including significant revenue growth and profitability.
Temi Popoola, Group Chief Executive Officer of Nigerian Exchange Group, praised FCMB’s capital raise initiative, underscoring the NGX’s full support. He noted that FCMB’s digital innovations surrounding the public offer align with NGX’s own digital transformation goals. Popoola also commended FCMB for its achievements, including increased net income and the expansion of its digital banking services, emphasizing that the group’s innovative strategies have enabled it to navigate economic challenges while focusing on growth and sustainability.
“We believe FCMB will receive the necessary support from the entire capital market community,” Popoola stated.
Additionally, Jude Chiemeka, Chief Executive Officer of Nigerian Exchange Limited, expressed optimism about the capital raise, reiterating the exchange’s commitment to ensuring a seamless process. He also highlighted FCMB’s strategic use of digital banking services to enhance shareholder value.
According to reports from The PUNCH, FCMB Group’s profit before tax surged by 192.6 percent to N31.3 billion in the first quarter of 2024. The growth was driven by a strong performance in investment banking, which saw a 228.1 percent increase, followed by consumer finance, the banking group, and investment management, which recorded increases of 165.4 percent, 157.2 percent, and 74.3 percent, respectively.
