Lagos, August 25 – First City Monument Bank Group Plc (FCMB) has announced a proposed equity capital raise following approval from its Board of Directors and key investors. This initiative is part of a broader strategy to bolster the company’s capital base and support its focused regional and international expansion plans.
According to a statement from the commercial bank, the decision was finalized during an extra-ordinary General Meeting held on December 19, 2024. The proceeds from this capital raise will be allocated to the group’s flagship subsidiary, First City Monument Bank Limited, to strengthen its financial position and fund its growth ambitions.
The group’s leadership stated that the “Offer” will be priced based on a live market value, including an “appropriate discount” to ensure an attractive opportunity for investors.
FCMB had previously raised ₦147.5 billion through a public offer that was successfully completed and oversubscribed.
In late 2024, FCMB shareholders approved an increase in the authorized capital raise from up to ₦150 billion to up to ₦340 billion. This was done to help the bank meet the new capital requirements set by the Central Bank of Nigeria.
The full details of the capital raise will be disclosed after the group receives approval from the Securities and Exchange Commission (SEC). The statement was signed by Olu’Funmilayo Adebibu, the Company Secretary.
This move signals FCMB’s commitment to enhancing its operational capacity and expanding its footprint within the financial sector. The proposed capital raise is expected to fortify the bank’s ability to compete and innovate in a dynamic market environment.
