FBN Holdings (FBN) Plc has extended the deadline for its N149.575 billion capital raise.
The Holding Company in a statement to the investing public notified that “FBN Holdings has obtained the approval of the Securities and Exchange Commission (SEC) to extend the period of the rights issue by 18 days. Consequently, trading in the Company’s Rights will now close on December 30 2024.”
FBNH is undergoing a rights issue for 5.983 billion ordinary shares priced at N25.00 each, on the basis of one new ordinary share for every existing six ordinary shares held as at the close of business on October 18, 2024, opened on November 4, 2024 and supposed to close on December 12, 2024.
The Company earlier said the proceeds of its recent N150 billion rights issue will be used to increase the tier 1 capital of its banking subsidiary, First Bank, as it grows its digital banking operations, and international activities.
The Group managing director of FBN Holdings, Mr Nnamdi Okonkwo said the financial services group was proactive and commenced the capital plan in 2023 before the Central Bank of Nigeria’s recapitalisation plan was unveiled.
“Our core values are expressed in the acronym E.P.I.C., which encompasses being entrepreneurial, professional, innovative and customer-centric. We would prioritise driving growth through expansion, integration, innovation and sustainability,” he added.
“We seek to raise 150 billion via a rights issue. This plan had commenced in 2023 before the recapitalisation exercise because we knew our numbers and the firepower we needed. While we were at it, the Central Bank of Nigeria came in with the new capital requirement of N500 billion, which showed that we are ahead of the curve.”
As of September 30, 2024, the Corporation’s financial highlights include total assets of N27.49 trillion, N12.72 trillion in loans and advances, N21.22 trillion in customer deposits, N2.60 trillion in shareholders’ funds.
FBNH achieved N2.25 trillion in gross earnings with a return on equity (ROE) of 20.27 percent.
FBN Holdings Plc is a financial holding company and one of the largest financial services organisations in Africa.
It is a diversified and leading financial services Group offering a broad range of products and services through its subsidiaries, across commercial banking, merchant banking, capital markets, trusteeship and insurance brokerage to millions of customers.
