FCMB Group Proposes Equity Capital Raise

FCMB Group Plc has announced a proposal for an equity capital raise to strengthen its capital base in anticipation of its focused regional and international expansion plans.

The financial services Group in a notification to the NGX Regulation Limited and the investing community said, that the Board of Directors of the company, 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 company said 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.

It added that the proceeds of the offer will be remitted as equity into First City Monument Bank Limited, saying that “the Board is keen to commence the offer based on a live market price while ensuring that the offer price reflects an appropriate discount.”

It noted that details of the offer will be disclosed upon the receipt of the Securities and Exchange Commission’s approval.

A total of N147.50 billion was raised by FCMB Group Plc in 2024 with N144.55 billion being absorbed through the issuance of 19.803 billion ordinary shares at N7.30 per share in a public offer.

FCMB Group in its first quarter unaudited financial results for the period ended March 31, 2025 reported a profit before tax of N35 billion. Gross revenue grew 41.1 per cent year-on-year to N252.7 billion, driven by a 58 per cent increase in net interest income.

The Group recorded a five per cent growth in total assets from N7.05 trillion in December 2024 to N7.40 trillion as at March 2025. Loans and advances also grew by 3.4 per cent over the same period to N2.44 trillion, supporting business and economic activity.

Group chief executive of FCMB Group, Ladi Balogun said that the diversified financial services group will continue to leverage its group structure to drive an ecosystem that will foster inclusive and sustainable growth.

Analysts say FCMB Group’s diversified revenue structure and strengthened capital position provide a positive outlook for the rest of the financial year.

FCMB Group Plc is a financial services holding company listed on the Nigerian Exchange. The Group has strategic interests in businesses serving over 14 million customers across five platforms – banking, consumer finance, investment management, investment banking, and financial technology. The Group is building an integrated ecosystem that supports inclusive and sustainable growth across Africa, its diaspora, and the United Kingdom.